There are seven tests, however the most relevant tests for STR investors include:Perform substantially all the work related to the activity.Participate over 500 hours during the tax year.Participate over 100 hours during the tax year and no one else participated more.If your property meets one of the exceptions above AND you meet one of the above tests, you can qualify to treat your rental activity as non-passive.

I have found a tenant that has agreed to a relatively unconventional agreement for my furnished property in a popular vacation location.

Not sure if you need to be licensed to use the service but its worth a peek.You might also consider paying someone else (relative, neighbor, etc.) who is trustworthy and can just open the door for the open houses. 

This means that if anything goes wrong with the property—like a tenant getting injured or a lawsuit related to the rental activities—the LLC, not you personally, would be the one held responsible.

@Jamie Dupont From a tax perspective, you can deduct repair expenses related to the damages caused by the tenant as long as they’re for restoring the property (e.g., fixing holes, broken fixtures).

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

We have offshored our reservations department and have them assisting with reservations related administrative tasks but I believe you will still be extremely involved in the day to day without a PM company. 

How should I include any repairs related to termite report?

I'm looking for relations with an Investor friendly realtor or broker.

Beginning at the 40:28 mark in that podcast, Jeff discusses something related to the topic you posted.