Never put your primary residence on risk unless you have a backup plan, like living with family for a year after you lose both residence and rental.

If possible, during rehab, address some things that will help you insurance wise later:- full upgrade of the electical- full upgrade of the plumbing- removal of any sheetrock, trim, etc with lead paint- new roof- address any drainage/leaky basement issues- hardwire smoke and CO detectorsI know not all will be able to be done but most are cheaper during a big reno and will make you a better risk for the insurance companies. 

If you make it too detailed you run the risk of missing something and person a) doesn't see it so no action, assumes person b) will do it.

Not going to change the world but since I'm not betting the farm I am ok with a little risk. 

It varies by sponsor track record, amount of heavy lifting and the risk.  

Painting is a low end trade and least risk - coming from someone who has a GC and a painting contractor license.

@Michael EngIt's all about personal risk tolerance and math.If you're going to be there for a long time, then it's worth it.If you're going to flip it, it's not.If it's going to cost you a couple points to get a sweet deal where you're going make you a ton of money, is it worth it? 

What am I risking by not going with a general contractor? 

In that case you are leveraging his expertise reducing the risk and also you ll be able to afford bigger deals with more capital and its a win win situation.

Hedging risk can be a very smart play.