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It is a good model for low overhead. It is not bad for liability if you are a skilled professional designer and use proper business practices as a geneal contractor by making sure your subs are licensed, insured, and that their employees and/or subs are also crossing the t's and dotting the i's.
The big problem is whether you can sell jobs that will pay both you and the subs adequately. In other words, why will the client pay for the profit of the pyramid?
Some will if you are adding value that they perceive is worth paying. I am looking into using this very same structure myself because that is really the nature of a landscape architecture firm and the direction that I have been preparing for over the years.
You should not do it with minimal control, but with lots of control. Not the least of which is controlling the purse strings. Contract writing, professional liability insurance, and quality control is very important. To be successful at it, you really will earn your money or you will get no work.
Tricky Dick is correct in that only in the higher end jobs will there be a perceived need to pay for project management. And when that need is there, you can bet that only the people with a great track record and reputation for high end work will be considered for the part.
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