We've become friends as I work to find him that property while he's living in one of my medium-term luxury rentals, and I couldn't be happier with the arrangement. 

I haven't seen much of it, but I know of other properties with this arrangement.  

If you wish to pay by another means, please let us know and we can arrange for that.".

You can PM me if you'd like to arrange for some legal consulting.

My only issue is that it is in a student living housing area and the majority of students already have living arrangements until the next school year (August 2022).

I think a fair arrangement would be for it to first go to fixing the damage which they are going to upcharge anyway.  

Everyone is equally responsible, it's up to them how they want to arrange paying rent.

What I like about the arrangement is that it provides a base passive income with the long term tenant while also allowing you to accommodate shorter term renters who might just be visiting the area.

I suggested that we find a project manager and then both step back and contribute equally.What are some splits and arrangements that you all have done? 

If you are not selling it and hold it, then yes, you can arrange a payment plan.