A few things I would ensure you are doing in your collection Process.1.

I recently had to get some garage door springs fixed on my home and nobody would give me a quote or even  come look at it without charging me $75+.For all this I pay 8% of rent collected, $300 to place the tenant and $150 for renewals.

This group is an incredible collection of midterm rental hosts who support one another by offering advice and suggestions, being a sounding board for each other, offering mentorship and collaboration opportunities and share our respective networks.

.#2 if the owner doesn't want to buy it back, I can begin collecting rent since I control the deed in my name at that point.  

Use Series LLC to handle management activities, including collecting rent and signing leases.

This is day to day spending, rent collection, tax/utility payments etc. (1) account for all security deposits, (1) account for parachute fund, capex items etc.

We  dont know if we are closing on the 1st of the month or the 30th of the month so we don't know if we are collecting 1 day of interest or 30 days of interest. 

These software's can run all kinds of reports and also help you with rent collection and accounting for vendors etc.

Sit back and collect checks *(or no checks).

More likely, he is hoping to use the extra time to collect more rents and thus more fees to generate the funds to pay his owner clients:(