Sometimes maintenance.The PMC collects rents, although some may drop off at office, tracks EVERYTHING the onsite staff does and arranges maintenance of grounds and units.

In this event you'll still want to formalize your arrangement with either.   

We actually arranged a trip to see other markets and we’re blown off.

Ideally they would arrange to meet the tenant when they moved out to get the keys and make sure it is secure. 

His COO was supposed to call me yesterday with a pre-arranged time and he never called.

But each year the IRS has continued to shoe their dislike and distrust of the arrangement. 

You will need to learn about the local laws, advertise, background check applicants, meet them for showings, answer questions, get a good lease, answer the phone at any time, arrange for repairs, do inspections, manage finances, manage an LLC, and more.

Are there any verbal agreements or arrangements between the current Landlord and Tenant?

Of course, he could become a broker to make and arrange loans among others.

Does anyone have experience or advice on this type of arrangement?