My current goal is to start with house hacking and move on to long-term single-family rentals.

Great long-term BRRRR deal.

The market has bounced back from Covid and all things are go in terms of tourism. 

This wasn’t our first go with short term rentals.

I am waiting for more details on the actual problem, but this quote seems really high. 

If you're not planning to live in the property long-term, I'd suggest prioritizing the property's standalone investment potential during evaluation, regardless of its role in a house-hack scenario.

I currently own my primary residence and recently decided to buy a piece of raw land where my father’s construction company is, and with his help,  build a single family home on it which will become a long term rental when completed. 

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

I’d rather the potential for long term residual “passive income” as opposed to a one time profit.

@Lilly FangThe way I have done this in the past was I had a lien on the property and let the property be in the name of the partner but we had a jv agreement outlining the terms of the profit split on the deal