An equity investor stays in the deal and you share in profits and losses on a percentage basis depending on your agreement.You can arrange the payback after all expenses which can include capex and reserves.  

He claims no payments or arrangements have been made. 

If not the borrower is in default, probably given some deadline to cure and subject to foreclosure.Perhaps a borrower could arrange a payment plan to stretch it out over a couple of years...but I don't think it would be over 15-30 years.All of this is pure speculation on my part.....probably the best person to ask would be a servicer, but that might be easier said than done. 

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.  

@Amir Ainsworth I was contemplating the same thing a few months ago.