I bought it cheap from a wholesaler I met on BP and will have it thoroughly renovated so that it is basically a brand new 40 year old house.  

Real estate agents, bird dogs, contractors , vendors.... basically everything you would need.

Personally, I'm a Self-Storage Guy, so I'd perform a basic feasibility study to see if Self Storage Would work in this market, and if not, then pursue a conversion to the larger units.  

She'll basically just check her bank statements for a quarterly distribution.What would be a fair % to take?

While it has become more complex and sophisticated, the basic concepts remain the same. 

I use to have a different account for each, but then banks started charging fees for accounts that basically weren't being used so I lost half my account (The other half I have free for life no matter what because of the promo when I opened them).  

What I learned was that basically PM is all about policies and procedures and definite structure.

I have zero experience in construction and just keep on furthering my education to get at least the basics to become succesfull on REI.

Basically, the more $ in your required rehab &/or the longer the rehab timeline, the bigger your risk, because there are many more opportunities for things to go wrong.  

I am basically exploring my options.