As it stands now, I am going to renovate the apartments, the tenants will pay me and I will communicate with them directly about all issues with the property etc.

With effort and good communication from all parties involved everything was done remotely with me in South Africa.

I actually see that communication between listing agents and buying agents get engaged much sooner and that can be good for all parties.  

Managing STRs involves guest communication, coordinating cleanings, promptly (like, within an hour or so) handling any maintenance issues - it's completely reasonable that their rate is higher than that of a LTR PM.  

Be prepared to adjust the price if necessary to attract more interest.Prompt communication: Respond to inquiries and messages from potential renters in a timely and professional manner.

I have personally spoken to 3 attorneys who all said the same thing as you, and I have communicated the same to the board.

Then, when the construction is completed and the property sells, the land seller gets paid the value of the lot and typically some split of the profits in the deal.How would you best communicate this deal to the seller?

Wish me wisdom and discernment in the process and good communication skills. 

When a repair takes longer than expected you should have good documentation of your efforts and have communicated to the tenant regularly so they have some understanding of the timeline and challenges presented.

I use Hospitable to automate guest communication for my tenants, regardless of if they booked manually or via Airbnb.