I conceptually understand the process however it seems like a lot of legwork.

This means that in the foreseeable future, every non-government job your tenants have will likely end.

Wholesale house bought from "Invest with Ben"New LVP throughout (Carpet in bedrooms)New KitchenNew WindowsNew BathroomsPaint ThroughoutFinishes/Fixtures/Minor plumbing work as well as front door replacementLandscaping/Very little outside work$153k purchase ~$46k rehab (Used our own guys so was able to get labor at cost)Sold for $242k3/2 ranch 1200 sq ft with a 2 car garage. 

So depending on your experience, if you are bringing a piece of land and some plans, I the outside investor would want likely between 80-90% of the equity if I am providing all the funds for closing, the experience, and the reserves, just to be honest on something like this. 

I'd like to at least get something in escrow before the Spring.

I’m glad you’ve identified the first vehicle you would like to take.

The person will assist in some prop management but largely the GP will oversee/ manage most of the deal (design, permits, construction, leasing).I would like to add that this person is raising 95% of the entire equity check, not just GP equity 'I would like to add that this person is raising 95% of the entire equity check, not just GP equity'

Sounds like a fun property to furnish!

I have a tenant who I believe to be on some type of heavy drug like herion, or meth ...I recently inspected the property it was full of garbage everywhere some hording, it's just trashed. 

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.