Make sure that the PM knows its role and make sure that you agree with that role and that you've properly documented that role in some appropriate manner.

If your relatioship takes a turn for the worse, you won't have to untangle your roles in this rental activity.  

Just one of many tasks that won’t be mine as a GP 😊GP role is a job, for sure.

The choices are almost endless but the insight and lessons can be priceless.Try working at a few companies/in a few roles -over the next 3-5 yrs - to figure out what you like and are good at and can use as a building block to your future career. 

It has been an exercise convince investors that NOW is the time to buy properties in our market while it's depressed.

I know the challenge is finding something that you can do well enough on to keep rolling, without taking on too much risk - however my concern would be if you have not taken an active role in managing a project of this scale - as your first go of it - you have a lot of uncertainty related to both the use of your time, and ensuring that your 70k point estimate is in the ball park.  

I made a career change one year ago from being an accountant (non CPA, but worked in various roles over 10 years) to supply chain.

It's a good exercise to go through, but I wouldn't buy it without knowing a lot more.

He and I discussed the hypothetical situation of what my role would be in the deal, as I have no ability to play part in the financial part of the deal, is there any way I could possibly come by some cash, basically just asking for help thinking outside the box here.

It's THEIR option, but the price is the price.They can still buy it at that price, with the bank financing what they will finance, and the owner of the option, now the buyer, puts up the difference.You, as the seller of the option, are under no obligation other than to honor the contract...which states the term and the price of the option.Notice, I only used the word "buyer" once, when the "option" was being exercised.