The member that you're renting from will need to make all your arrangements for the resort, dining plan, and ME. You will make your own ADRs, and buy your own tickets.
Go on over to the DVC Rent/Trade board, and read all of the assorted FAQs and stickies. Renting from a DVC member can save you a ton of money, but it's not in any way like reserving a hotel room from Disney. It's important to understand the process, and be comfortable with it.