Are their specific methods or software used to monitor a projects schedule, keep GC's and subs accountable and all involved parties on task?

I'll pay closing (no realtors involved, I'll get an attorney).

It involves real estate and you do have to invest money. 

The timing has to be right for BOTH you and the market you are looking to be involved in and the numbers on a specific deal have to ultimately make financial sense.  

The situation you have described above does not involve either securities or people with no prior relationship.

I wouldn't get involved.

if your a beginner highly unlikely your going to get Zero money down deals.. there will be some closing cost some cost involved.. you should work on some kish up front then go shopping.. nothing spells failure quicker than under funded.

will do @Bill Brandt  I am keeping my eye out for some fix and flips as well.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

That way it works on both sides and blocks the eye sore.