Specific arrangements about deadlines are made between you and the student. It is normally a good idea, however, to require the student to hand in something during the first term of the project. Again, specific arrangements about meeting are made between you and the student. It is normally a good idea to touch bases regularly in order to make sure that the student works consistently instead of leaving everything to the end. Sophomore projects do not require original research though many do involve original research.
Students can do projects based entirely on library sources if appropriate.