We ran my in-laws mountain/lake STR for 7 years before they decide to sell the property. 

I just checked my lake house because we are considering an off-market house down the street for STR. 

The goal of the lawsuit allegedly was to make it more transparent and now it is about 800x less transparent.

Neighborhoods on the shores of Lake Travis, in Round Rock and in Driftwood are among the hottest housing markets in the Austin area. 

Lake Property?

Use the lookup function with my name and Spring lake and Journeys End subdivision posts.First step is have your local surveyor survey the property.  

I'm starting to look at Reno/Lake Tahoe which is about a 4 hour drive and Las Vegas but my goals are different from yours - I would buy this house to rent out and in the future, move into it as a primary when I decide to retire/semi-retire (Nevada has no state income tax unlike CA).

I recommend avoiding condos for STRs unless they're in tourist areas like Lake Tahoe.There is not much you can do if the residents in the HOA vote to no longer allow STRs.

The only reason that he wants to list the property is to try and double-end the transaction, allegedly represent both sides (not possible), and get 5-6% as commission. 

I have done it twice.I tell folks just go for a walk on the road or bike trail along the lake and don't toss the butts.