In discussing this deal and his terms, he presented me with a master lease as his standard way of business.

I have done that model and seen that model over the years.. one guys in INdy called Holdfolio did thisnot sure how it performed but chose the rights assets and proper management and that works.there was a guy in Ohio also that called him self MR> triple net.. he sold you a home then rented it back from you for a set fee then he leased it out in a master lease situation were he took care of everything.my model I used a debt instrument equity share model that basically worked like what your talking about but had a pref return no matter what was happening with the asset.. that put big onus on operator to perform..

They have any type of lock you could need and can put everything on a master key. 

@Emma Bennett Everything you need to know about Clickbait...and how to master it can be found here.;-)

How do I find a property management company for Airbnb that offers master lease model?

If you want to create a unit to Airbnb build an extra master suite with separate access but do not put in a kitchen or go the ADU permitting route with it. 

A few notes and questions...Option 1 - master lease.

New electric, plumbing, full house sound system, CAT5 and cable lines throughout, original light fixtures and features, new open concept kitchen, master bath, finished carriage house, sports bar in the basement, etc. 

master lease agreement, to purchase a 32 unit apartment building for example.  

Only catch is the University has set the home and neighborhood within its imminent domain master plan for development in 10-15 years.