After all, the interest rate (high or low) is just a number on a spreadsheet.Please help me understand the perils of this view. 

Be very careful when it comes to vacation homes you need to be very experienced to be able to calculate the exact net cash flow. there is so many expenses that you might not understand, in other words you need to do your homework before touching any vacation rentals especially with the pandemic .

Researching market trends and speaking with a local real estate agent can help you understand if prices are likely to rise or fall.

But my understanding is that it's a numbers game.

What did your management contract state about screening prospective tenants and your involvement? 

Nobody can afford higher prices but the majority of his voters don't understand tariffs, global trade, and basic economics so here we are. 

Depending on the ARV, I think you are better of using your own cash or getting a partner involved to finish the rehab and then cash out refinance with a conventional or DSCR loan.

If you are not willing to travel to place and understand the market you are investing you should not be investing there just because it is cheaper then your local market.

It is a rare off-market property that does not involve work and/or have risk items.  

My question is since a lender is involved and I will be drafting up a contract how do I protect myself as to once I hand off the home he doesn't end up pushing me out (there is no sign of such and there is trust but this business)?