Hotels lose money with no guests.

At first glance, it seems title just wants you to be a member-manager which hopefully is an OA modification (not public) that can be amended back later if you want to for whatever reason.  

We just button down our lake house and hope to get a Thanksgiving (we did this year) and Christmas (nothing yet). 

Not sure about this I hope they can pull it out.  

I hope you help your client with this bc in a way, you helped them get into this mess.

If you don't learn to manage your investment well, you will eventually destroy your property, lose money, waste your time, or drive yourself insane.

I see landlords lose thousands, even tens of thousands, making rookie mistakes that they could have avoided with a little education up front.Once the first property is under contract, start again for the second.

Hoping to find a plot of land 

If you put down an earnest deposit, you might lose out on that if you decide to back out(potentially). look at the agreement.The more important thing is, do you quality for conventional financing?

I hope I am wrong.