My current financing arrangement is as follows:I have  a local bank who is giving me essentially a line of credit at 6% paying 1/2 a point and a 6 month call. 

You're either" acting agent for " and have a fiduciary duty to do the best job representing that seller to get the best price, or you're not acting as a fiduciary and you're acting as a principal and a for-profit business arrangementThis is called being an investor agent where you both list traditionally or you enter into a business arrangement with the home seller.When you were acting as a business owner and a for-profit contract even though you're licensed, that should be fine with your state lawsI know with your question your thinking like a leasing agent charging one months rent. 

The last thing you want/need is this tenant to be injured while doing such work, only to find your liability insurance will deny the claim based upon such an “arrangement”.Also, if you are rehabbing and flipping houses, do not purchase the materials foryour contractors as this too will imply an employee/employer relationship.Get your bid.Pay your contractor and have him buy his own materials based on the bid.

This one needs just a LITTLE bit more than the other one with some arranging of appliance hookups but again, nothing huge for work needed.

You aren't an SDIRA Fund manager licensed to arrange financing conduits, you aren't a mortgage brokerage, you aren't a registered lender or servicer, so, absolutely not, you can't jus do what they do!

i have a handyman (house) in mind , also a handyman ( (person),that i'd like to set up a deal-- he does all the work, about $40,000 worth, (same as the p.p.) and we share the money after sold. i've worked with him before, but not in this way, i always paid him after a job. i like his work but wonder if there are any problems with this arrangement? 

In some locations, this sort of lease back arrangement has ended up in front of a judge, with the judge ruling the transaction to be a loan in disguise.

Arrange a face to face meeting with the tenant as soon as possible.

As for private lenders, that's a different story since they are individual people who may be happy with the arrangement you propose as long as their investment is secured and they receive the return you promised.I would think that the rates you would pay a private lender would make the investment a loss since you're going to be paying a higher rate.

If the call goes well, then you arrange a time to go walk through the property.