A fixed price contract with a general contractor moves the construction risk off your desk. It doesn't move the ownership risk. You still own the house while it sits, so you're paying interest, taxes, insurance, and utilities every month the job runs, and those costs keep running whether the delay is your fault or not.
The part that surprises people is scheduling. The construction industry is short somewhere in the range of 350,000 to 450,000 workers depending on whose estimate you use, and that shortage means capable crews choose their clients. If a repeat customer with six houses a year needs the framing team on Tuesday and you're a one-house owner, you find out where you sit in the queue. Fixed price protects your budget number. It doesn't buy you a place at the front of the line.
There's also the decision load. Even on a well-run job somebody has to answer questions about tile, cabinet layout, what to do about the rotted sill nobody saw, and pick between three options that all cost different amounts. That is genuinely lighter than managing subs yourself, and it's not zero.
What you described is a real way people operate, and it works better when you've done a few and know which crews call you back. If the goal is income with no operating role at all, renovation isn't the natural fit, and the lending or fund side of this forum is closer to what you're after. Worth reading both before you commit capital to a house that needs work.
