You will need to use 3rd party management and others to perform work at the home.... further expenses and improvements.

So hopefully all parties would be happy with the arrangement.Thoughts?

Funny how things can change when party STRs move in next door to wealthy people. 

Looking up the taxes due we found that the taxes were paid by a third party, not the owner. 

Sometimes a 3rd party inspection report is required, sometimes lien waivers by contractors and/or title lien searches as well. 

By spreading the risk across multiple parties, you can minimize the impact of any individual investment setbacks.Expanded Network: Partnering provides access to a broader network of contacts, which can lead to new opportunities and potential deals.

Does anyone have any suggestions for modifications to better cover both parties?

A regular "in rem" quiet title lawsuit is against all known and unknown parties, including unknown heirs.  

The leading 3rd party management platform "East Storage Solutions" provides services that make it easy to lease out vacant units.

Here is lorain ohio we keep they full most of the time Hardest part is getting them rent ready