I'm looking for advice and input on whether our initial strategy idea seems sound--We have up to $400k cash to invest in a property (this is aside from other cash reserves that we want to keep on the side).

After speaking with the owner of the company he confirmed that it would be recorded and his lawyer would be handling all that. 

We have seen a huge bump in reservations since the amenity upgrade.https://airbnb.com/h/stoic

The realtors association and a real estate attorney confirmed that a property manager has agency with the landlord and is working for the landlord. 

The argument was akin to saying we needed to call county clerks to confirm escrow attorney recorded our transaction when that's what we actually pay them to do in the first place. 

Some lenders may want to see 6 months reserves on top of closing costs and downpayment. 6.

Perhaps, using the first name on the lease would reserve the funds for that lease.

So if I were in your shoes I would want to be really confident in the exit strategy. 1) confirm rent estimates 2) confirm ARV and the demand in that area to buy a house like that in the price range 3) are there banks willing to refinance at the LTV you want with the seasoning period you have. 40k for a house of that size that needs that work would be the cost of materials alone where we live in WI, so verify your estimates.

Seems like you know the answer and need confirmation (and I am typing this from a 3/2 beach block condo in Wildwood Crest.)At 25% down purchase, even renting 12-14 weeks you would negative cash flow $3-5k month when you consider the many layers of expenses and the current rate environment.

You have some money, and it is wise to have cash reserves available as well as the down payment and closing costs.