Unique Situation on First Property - Need Advice

[Aaron Mahnke]

I am under contract on my first investment property in Kirkwood, closing in a week. It's an incredible school district, and I was planning on getting it marketed to rent to coincide with school starting. I know the property has been used as a STR in the past and it's still has furnishings in the place.

Fast forward to this week, my agent gets a text from a "tenant". Strange... Apparently the owner hadn't had success with it as a short term rental and had rented it out to a local "Short Term Rental Specialty" company. I talked with the tenant, and he wants to keep renting the place and using it as an AirBNB/VRBO. He's agreed to pay market rent and will manage the entire thing himself. No tenant calls, and I'd only get invoiced for things happening at the property (everything taken care of promptly).

Does anyone have experience with a setup like this? What sorts of protections and provisions will I need to have in my lease being that it's to an LLC?

The seller (current owner) vouched for him. He always paid on time, and it would be truly passive. What would you recommend I do to cover all bases?