We have reached a point with our properties that we will have essentially built a property management company to look after our own properties.

A house that burnt five years ago and has been sitting exposed to the elements for half-a-decade ... if you are lucky, it's a knock-down and you would be buying it for lot value (or a little under).

After replacing the elements, the problem was resolved. 

My question to you all, is how many units did you own before you either hired a PM or an employee, essentially starting your own PM company?  

At one acre, you're probably fine, but if it is the largest lot in the area, you might consider this aspect of valuation.Other elements that can effect residential land values are; yes, location.

@J Scott no i do not have a list. i dont know what to ask. i tried googling it and this is the best i could find http://www.houselogic.com/home-advice/contracting/five-essential-questions-ask-before-hiring-contractor/#. 1.

So one possibility I was considering was some deal whereby I supply initial capital and he can earn his share of the equity through the property management fees and I essentially become the hard money lender for his share.

@Chad Phillips If you're cash flowing and the upgrades are not essential, is their a specific reason why you're considering selling it?

Then may some window trim or elements of interest.

Essentially, this works the same way.