If you do decide to help them out and rent continues to be late simply have a talk wiht them and remind them that rent helps pay your bills and since you did them a solid ask for the same in return.  

I have several people who are doing what you are attempting to do. 

Buyer's agents now have to ask the listing agent what the seller is offering now instead of simply looking at the MLS.

This a great option for high income earners who simply do not have the time for real estate.

Whether it's a legal demand for compliance or simply an email, it doesn't really matter; just make sure everything is in writing. 

Quote from @Evan Ross: One of the most common mistakes I see with amateur landlords: attempting to build goodwill with their tenants.

If they try to hide who their current landlord is or lie about it, you can simply deny them based on that.

It simply depends on your time frame, when you want to actually begin renting the property out short term, and what the loan terms are.

Will they be doing other types of work like getting through the financing, becoming the guarantor, finding the deals, crunching the numbers, doing the accounting, or are they just simply doing less work?

Social media profiles, how many properties people have owned, and what they accomplished were simply lies to get people to invest with them or get new people to raise money for them.