Please let me know when the sellers’ have arranged for a 3rd party to review the damaged hardwood floor and have a proposed time available for an appointment.

You as the "Working Partner" find the deals, arrange financing, manage rehab if needed, find and place tenants and do all ongoing property management and business management.

We had some consolidation of living arrangements (particularly young adults sharing a unit or house).

As for the keys, it's part of our onboarding process to ask who has them, and only after all documents are signed do we reach out to that party and arrange for pickup/delivery.I'm in Ohio, not Indiana, so things may be different there but the core concept of a management agreement seems pretty universal - a BILATERAL contract that outlines both owner's and PM's expectations and duties and gives management authority to the PM to do its job.

You don't want each party knowing your arrangements with the others. 

I know several people who have had an arrangement like this with an experienced mentor and they have been happy they took that approach and became successful that way.

Hey Kevin, The existing lease was up in October and automatically went to a month to month arrangement

The arrangement you have with this tenant seems pretty simple on the surface.

Yes of course find a good attorney to structure the partnership, but:1) what kind of attorney works on this kind of arrangement?

That's the most common setup.If this is not an urban environment and you have water coming in from a well, then your setup doesn't include the same arrangement.