Partnering with vacant home owner

[James Myers]

Hope this is the right forum for this question.  Has anyone ever created a partnership with a vacant home owner where owner retains ownership of the property and the other person (me) acts as a property manager for renting and they split the profits.  

background:

  - Mortgage free

  - moved out two years ago 

  - Still furnished

- HOA fee $100 month

  - has an expectation of getting same value of homes sold in neighborhood that have been updated even though his still looks the same         from original build in the 90's.

  - Has not made any efforts to put it on the market or rent it per my suggestions (may be nervous about being a landlord)

Since he is not making any effort to sell I think it could be a good strategy to partner with him to rent and manage the whole process so we both benefit.   I get the benefit of passive income without the process of mortgaging a home and he gets the benefits of someone paying his monthly and yearly expenses plus some.