My initial thought is that the developers may have gotten a much better deal than they would have otherwise given the clear limitations on the land's use.

Since you prioritize appreciation over cash flow, focus on DFW areas with strong job growth, infrastructure investment, and limited housing supply—such as Frisco, Arlington, and Rockwall.

If you were limited in cash reserves atleast you'll have the HELOC as a 2nd or 3rd back up source of funds to weather storms.

The transfer may trigger gift tax reporting if the value of your share exceeds the annual gift tax exclusion limit ($17,000 per recipient in 2023).

I would limit the open calendar days on VRBO to maybe only 30 or so out so as to not cause any/many issues (having too many dates show as booked) when I subsequently go live on Airbnb.

While great for cashflow, may limit your exit stratgy.Also, How comfortable are you with the offer as well as the overall numbers on whether this will or will not cash flow? 

What is their federal lending limit?  

Our manager also helped and encouraged us to limit our repairs/spending based on the area we are in and the type of property.

Off grid sounds cool to some, but it really limits your potential guest pool.

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.