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

In NY one of the requirements for licensure is  sponsorship by a NY licensed broker and I'm wondering if this is as easy as networking at meetups etc, or are there other ways I need to go about this?

Other legal arrangements I need to take care of before I get started?

It's not unethical if you don't have an exclusive arrangement. 

In my eyes with this type of set up make sure that all parties understand that this is a "business arrangement" and not "a family adventure" other wise people will get upset and feelings will be hurt, and we all know how the family gathering will go after people start getting their feelings hurt.Good luck and I hope all goes well.

I'll assume that you have buyers that you know and are working with to find the kinds of properties they want.For the most part, my buy and hold buyers are okay with this sort of arrangement, but my flippers who need a quick turn around would not be.

Hello,I am in the process of investing in a Sponsorship deal. 

There may be a cash for keys arrangement you could work out to accelerate a win-win with the tenants. 

I would use the equity money i got to place a down payment on (This might solve your living arrangement issue) a duplex or tri plex.

I believe it was episode 560 where the guest mentions things such as arrangements, and briefly discusses some amendments he does to the standard leasing agreement:Hope this helps, happy investing!