Partnering with owner to rent vacant home

[James Myers]

Has anyone ever created a partnership with a vacant home owner (my mothers 18 year boyfriend) where owner retains ownership of the property and the other person (me) acts as a property manager for renting and they split the profits.

Since he is not making any effort to sell and its been vacant/unused for two years I think it could be a good strategy to partner with him to rent and manage (maintenance...would have a realtor find tenant) 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 benefit of someone paying his monthly and yearly expenses (taxes, ins, HOA, etc.).

Any thoughts on this?