Right now, given the general improvement of Real Estate in the last 5 years, you could easily have someone with years of experience, a track record of success, but zero clue how to handle a down turn in the economy and no exit plan if things turn south.

Hello BP, I am curious to see how other investors have handled their significant others and family when working toward their real estate goals.  

So, if your state handles the payment of commission similarly, then it may be viewed the same as Ca, as well.

@James Watts: Are you looking at primarily hiring a property management company to handle the day to day issues?

Call around to a few GCs out there that handle that sized work and just ask them for an idea of where they start on a build/sq ft price.  

You've got to be comfortable more or less handling the transaction "on your own" because it's hard for the listing agent to truly arrive at the best outcome for the seller and buyer doing a double agency.

So if I am supposed to be receiving payments for 6 months, how is that process handled? 

@Mark Senecal, try this link to the file on Google Drive and let me know if it works:  linkAlso, by turnkey I mean a contractor who can handle multiple aspects of the rehab:  plumbing, electrical, roof, etc. under one contract then hand the keys over as a finished product. 

On the retaining wall, probably a landscaping company to handle. 

I've got a good handle on the entire surrounding area from living here, and I'm always willing to help when I can.