Also arrange a contact person for major repairs.

Anyone in area have any suggestions on a Property Management company who would be comfortable with such an arrangement?

Be creative on the deals you do and get it arranged in a way that you will enjoy it. 

In the United States, when credits are applied to a purchase price the agreement becomes a financing contract and these contracts have been identified as predatory lending arrangements under the Dodd-Frank Act.

I was planning on attending the meetup that @Jason Van Till was referring to, but unfortunately I wasn't able to re-arrange other family priorities. 

That likely means, the brokerage will want to be paid a fee.Second, some brokerages will allow you to do your own deals without paying the brokerage part of the commission (or a discounted amount based on your arrangement).

what is your thoughtsI guess worst case call the sheriff and arrange a boot.we do not plan on keeping owner, figured if she cant keep up with mortage, why would she pay rent on time

Does anyone here have experience setting up these sorts of arrangements, and if so, do you have any tips as to how to structure the lease, or anything to look out for/provide for in such an arrangement that might not be in a typical 12 month residential lease?

Thanks BP.You would contact an electrician , he would pull the permits and arrange for BGE to install the meter .  

I am certainly no expert in insurance but I haven't heard of an arrangement like you describe.