Do part-timers pay a flat monthly fee or something?

A friend has offered to pay me to manage a house he owns in the Greater Hartford area. 

This should eliminate the homeowner (1) selling a property while remaining liable for the note (subject to), (2) tying  up his property with a “buyer” who has no intent to close unless he finds someone to pay a higher price (wholesaler), (3) paying above market rental for an option to buy that can never be exercised (4) purchasing a property from a fix n flipper who did shoddy rehab, (5) purchasing a property with nebulous legal title, (6) contracting for home improvement with a fly by night contractor who then puts a mechanics lien on the property and (7) “listing” with a wholesaler disguised as a Realtor who doesn’t put the home on MLS. 

We're under contract on a SFH in Indianapolis and are paying all cash.  

Negative cash flow is not something I’d be okay with, but I know there are some instances where people are okay with taking a small hit for a big pay off with the appreciation (and hopes that the rent will go up).

If they can't control there spending (or pay them self first) it's unlikely they will find success as a REI.

I would be curious to see how this plays out in the end.Exactly, more than likely both are at fault by not paying attention or caring.

They would pay all utilities and maintenance on the property and provide 2 months security deposit. 

But, when there is an emergency you are sure glad that you have been paying all of those years.

I am looking to vacate the house and prep for a 1031.I previously had the property listed, got under contract just for this tenant to be the reason we didnt make it through the inspection period.I have a good relationship with her but she is a mess, pays late every month (including her late fee, she is current), police visits, etc.