You need to contact the lender to make arrangements in addressing the delinquency.  

Streamlined Financing: By using multiple properties as collateral, borrowers can consolidate loans and simplify their financing arrangements, making it easier to manage payments.4.

I'll be looking into other arrangements.

That is a great benefit of that arrangement, but you didn't mention that the downside is assymetrically shared by the property owner.

That seems like a more realistic result than just “talking to the bank” and having them agree to let the arrangement continue.

I have already found and vetted tenants so the only cost to him is the lease; I've made arrangements for current repairs. 

Check your buyer rep agreement for how that's arranged. 

This gives you the benefits of ownership without the hassles of “landlording” or playing general contractor—in my opinion, it’s a more feasible arrangement if you’re looking to live in one state and own in another.The initial outlay can be pretty reasonable as well.

If you want to see it pre rehab, we may be able to arrange something for Dec 1 (it is in Pt Loma near OB).I get a lot of off market property listings sent to me.  

What is your arrangement with your service provider