I don't have any sort of "arrangement" with him in case you are wondering...just hoping to help out a bit.

My wife also did a post on staging one of our houses.

Finish the house, stage it, then put it on the market.  

An individual, two or more persons related by blood or marriage, a group of two or more disabled residents protected under the Federal Fair Housing Amendment Act of 1988, adult family homes as defined under Washington State law, or a group living arrangement where six or fewer residents receive supportive services such as counseling, foster care, or medical supervision at the dwelling unit by resident or non-resident staff.

For example, if done inside an LLC specific rules apply vs doing it under a TIC arrangement.

The closest you can do is buy in a solid growth market as close as possible to it's infancy stage so you can experience as much appreciation as possible.

I understand during this stage there is not much to do but wait.

Also, as you can probably guess, the Borrower's payments are made to the Escrow Co - not you directly, which makes the arrangement less stressful.  

Some background and to set the stage before I dive into this deal, I have shared my story on BP how I quit my CPA job to purchase large apartment complexes, here is a link:I quit my CPA Job to buy Large Apartment Buildings(If you haven’t seen this thread before, it is VERY long, lots of awesome people asking great questions on how I got started.)

I highly recommend you focus on the fundamentals at this stage in your rental investing career.