All this would be spelled out in a contract of course as far as that arrangement. 

We form an LLC (or TIC if that is better) and I do all arrangement and he gets t still share profits with no active work on his part?

I've done very little JV'ing and understand your concerns on the arrangement. 

Re-Arrange the images3.

We do keys at the walkthrough which is day 1 of their lease or possibly day -1 depending on arrangements.

As a Realtor in CT, we have to arrange to have the condo docs reviewed and signed off in by the Buyer.

I’m assuming that this arrangement benefits them over us tax wise.

Technically, as long as all parties agree any arrangement is viable.

I would have a gracious conversation with this person reminding them of the contractual arrangement for rent payments and hand them a Notice To Comply with your contract so it’s in writing - and in their file!   

(I believe anyway) My partner and I are potentially factoring in the minor refit costs into the Private loan or alternatively, can't we have that put into the mortgage arrangement with the 203k refit clause?