Most of the time, it should take 30 days or less if the property is properly renovated, marketed and priced.

It will be an STR with no personal use  Background: high income W2 job, no primary home (ADU on family's land property, happy twith this) so can't get umbrella policy with most insurers as they want auto and homeowners for primary home before offering umbrella  Quotes from foremost and proper.

Right now we're inquiring with our insurance provider to validate proper coverage, checking with our rental license if it covers uses like this, and working through what a lease would look like. 

I'd also partner with a lending company that understands how this is going work, and what your plans are.And last, but not least, I'd partner with a CPA to help navigate you to the ways of working this properly. 

However, tracking expenses and properly classifying repairs vs. improvements can be tricky.

Market timing, properly acquired property, personal capital available How did you find this deal and how did you negotiate it?

You likely don't have the net worth, proper LLC management or proper separation of personal interests to make this an effective approach. there numerous BP threads you can search to get more insights. tldr - keep under personal name and get a good umbrella plan. 

- Guest Insurance – Do you require guests to carry their own insurance, or do you use a service like Safely, Proper Insurance, or another option to cover damages?

BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

You need to terminate the tenancy with proper notice.