No need to change the arrangement. 

Just keep in mind, with this arrangement, he gets paid no matter what, you do not.You need a HML.

But there are things that you can do to increase the ancillary income along the way such as enforce the late fees or any other fee arrangements that you have in the lease.

Evolve takes something like 12% but they send a pro photographer to take glamor shots of the rental, list with 10 or so sites including Airbnb, do all communication with the guests, manage pricing and discounts to maximize return and minimize scattered short term stays, provide a no-questions asked insurance coverage  and arrange for cleaners (if desired).   

Sounds like a decent arrangement, but I think some details are missing to understand the entire picture.Can you provide more details of the deal your found?

If you have other living arrangements then the conventional is really your only option (other than hard money). 

@Kim HopkinsWhoever arranged it would be the one invitating.

Is this an existing arrangement or would you be buying in on something that is already set up?

I am only keeping my calendar open 3 months at a time to avoid having to cancel in the event their place sells soon.We do have some mattresses we can put on the floor for additional sleeping arrangements, but I wasn't sure the best way to convey the flexibility when the pictures don't show the mattresses on the floor. 

And Rob, since you aren't an attorney nor a compliance type, your credit arrangement is still a financing agreement, you can give consideration other than cash, but a value can be placed on any benefit you can dream up.