On the other hand, a friend of mine who started with very little renovation experience acts as the GC on her flips and treats her investors strictly as lenders, and has done very well so far.My feeling is that I would be alright with taking 1/3 on our first deal with John, but only if the cost of my husband overseeing and performing all work goes into John's renovation costs rather than coming out of our share at the end.What do you guys think?

My gut says, take your chances with someone new whom you can put through a more strict screening process.  

This helps to create a bright line between the sometimes blurred management functions and personal activities (e.g. using a personal vehicle to travel to the Park) from the strictly Park activities (e.g. maintaining and selling homes or repairing Park infrastructure and collecting rent).For an individual, your needs may be the same if you have a lot to protect.  

Commercial parking seems to always bring fights without strict rules between tenants.

It's not a hard test as most of the questions are common sense based but others are strict memorization like what a certain word means.  

buy and flip after few years with potential appreciation is the plan, I see a good value once it's fixed up even at today's value. but problem with fixing up the property with the tenant inside with local strict tenant law in place. 

Now I'm struggling with the fact that I think they're okay with me renting it out, however they have strict rental policies (such as a non refundable deposit required everytime a new tenant occupies the unit, and if the unit stays unoccupied for more than 30 days then it becomes an owner occupied unit) and I'm confused about whether or not they apply to me - I feel like they have more or less just turned a blind eye to the fact that I am renting out the unit and I would really not like to go through the same headache again in the future. 

Have strict penalties, make it clear it is their responsibility to pay you on time every time without exception.

Hope none of this violates the strict rules here.

Strictly speaking, ALL earnings inside the IRA are subject to UBIT.