All property managers get paid for that so if I were you, I would work out an arrangement where you own the property 50/50 but the cash flow is NOT 50/50.

I had a feeling this might cause problems at the last minute, which I absolutely cannot have, and everyone has been telling me to give it a shot and it will work out!

Then the only way to really know if it's going to work out is to dive in. 

And I don't like that I own this one all cash- I need to put that equity to work and will work out a new loan soon after the tax man takes my money. 

I'd verify what rent is in case the "individual rentals" thing doesn't work out.

Guess youre growing up when your workout motivation goes from hiphop music to biggerpockets podcasts...

I wanted to keep it but the rent to purchase/renovation numbers didn't work out.

If you don't have any yet, this is an option that may work out provided #2 is excellent and #3 doesn't work out.

Maybe if it was a long time ago and they had a good job history and credit it wouldn't be as much of a risk but they are getting a new job that who knows if it will work out. 

Make it a point to sit down and review the different real estate investment properties you can invest in (single family, mixed use, office building etc), talk to industry professionals to understand the real estate market, research industry trends and available properties, work out your budget for this investment (an example of some expenses to consider can be found in our article on house flipping expenses), and come up with contingency plans in case things do not go according to plan.It might sound like a lot of work (and it is), but you will regret not doing this should your expensive deal go sideways and you are left scrambling to find a solution.