PLRs will rarely match your proposed transaction structure.

I really want to have them sign a contract that I can drop in the scope, schedule and proposed fees to provide some protection for me.

Either way, run your proposed solution through an attorney. 

Because here, the proposal would increase property taxes about 5x.  

I plan to negotiate the rent and I want to present my proposal to show how I’ll manage the property responsibly.

What you propose is different but in your original post this was not clear.with the additional info, I have seen similar comped with quads.  

Was looking to save where possible in this market but the method I proposed is not worth the consequences. looks like 20% down it is!

Check AirDNA for demand, pricing, etc.The Dekalb Board of Commissioners has proposed regulations for short-term rentals. https://engagedekalb.dekalbcountyga.gov/airbnb-dekalb-countyShort term rentals require you or your property manager to be hands-on and come with more risk.

on your second question - you're proposing 100% financing. 

I’m considering consulting a lawyer to clarify these issues.Two weeks ago, I reached out to the tenant via email to start a conversation and propose a win-win renewal, but I haven’t heard back yet.