This agreement can specify that Cousin B manages all rental activities and reports the rental income and expenses.Property Management Agreement: Cousin A can hire Cousin B as the property manager for the rental portion of the house.

I will be managing the property myself.

Whatever you decide, best of luck to you!!

Is there an assumed percentage already embedded there for property management, CapEx and repairs?

There are also online portals from many property management softwares that allow people to pay online. 

Regardless of the current condition there is ample opportunity to stand out from existing rental competition with attractive styling, design, decor and pro active management. - Profitability & Consistency: Last but not least..prime Oregon Coast STR vacation rentals generally do very well financially.

How well do you manage risk?

(I also have experience as a sales manager and as a real estate agent, so I'm confident I can make the switch).

After getting discouraged, we decided to take a different approach: looking for off market deals.

To mitigate this risk without using an LLC, consider:Umbrella Insurance: This provides additional liability coverage beyond your standard homeowners insurance.Equity Stripping: This involves placing a lien on the property to make it less attractive to potential creditors.Land Trusts: These can provide some anonymity and protection while allowing you to maintain personal ownership.Insurance:Ensure you have comprehensive insurance coverage, including:Property insuranceLiability insuranceFlood insurance (especially important in Florida)Loss of income insuranceLegal Structures:While you've decided against using an LLC, consider consulting with a local attorney specializing in real estate investments to explore other potential legal structures that might offer protection without the tax implications you're trying to avoid.Property Management:Given that you're based in Europe, consider hiring a professional property management company to handle day-to-day operations, tenant screening, and maintenance issues.Market Research:Thoroughly research the specific areas in Florida where you plan to invest.