I operate a property management company in Indianapolis called Intrigue Indy.

Caution:Contracting for repair, maintenance, remodeling, or improvement by any person licensed under part I of chapter 475 (real estate agent) while acting as the owner’s agent pursuant to that license, where all work requiring a contractor is performed by a contractor who has a current, valid certificate or registration issued under this part to perform such work, and where the aggregate contract for labor, materials, and all other items is less than $5,000; however, this exemption does not apply: (a) If the maintenance, repair, remodeling, or improvement is a part of a larger or major operation, whether undertaken by the same or a different contractor, or in which a division of the operation is made in contracts of amounts less than $5,000 for the purpose of evading this part or otherwise.For the sake of your cousin's license, either make her a part owner (sharing the gross profit as her compensation) or get a GC on the job asap.Just a helpful hint to keep a fellow real estate agent out of jail. 

Do the operational partners have the liquid capital, net worth and background to close?

I have used many virtual assistants for different tasks through companies like Upwork.

This will likely increase your operating costs to some degree over a non-project HUD building.

I have been invited by a fellow that is a member of Biggerpockets to be involved in buying and selling single family homes and I might go into that because of my brother who has plenty of experience and is knowledgeable in that field and he has offered to help me.The reason I chose apartments is that I have been convinced of it ultimately because of all I have learned that it is the best way to go long term and ultimately you can hire a Property Management Company that will take care of the daily operations and that managing a property management company will not very time consuming. 

And do the smaller listing agents also operate this way?

. $9,450. 30-year fixed, Interest Rate: 5% Rental Income: $3,900 We will be living in one of the units, but for the sake of the analysis I am going to calculate both units as rental income and factor in my costs at the end.2 Unit: $1,600 + 3 Unit: $2,300 = $3,900/moTotal Expenses: $2,832 Operating Expenses: $1,434/moMortgage Expenses: $1,398/moResults Monthly Cash Flow: $1,067/moMy Unit’s Rent: - $1,600/moOur Cost of Living: -$533 / 2 house hackers = $266/mo.Biggerpockets Property Rental AnalysisIn conclusion, if this house hacking plan is accurate and realistic, I would cut my monthly living costs from $850/mo to $233 (excluding utilities), and would have purchased my first rental property.

and what is the order of operations? 

Most of the file names don't indicate which state they apply to, so I have to open each possible file in order to find what I'm looking for.That's virtually useless.