She sent me a letter from Commercial Property Advisors, Peter Harris, which stated she had approval for funds sufficient to cover the purchase price and below it listed a Wells Fargo business account showing funds in excess of the purchase price.

I’ve got her dealing with 8 properties which have individual accounts.

Also, how do you factor or account for an area/town that experiences lots of seasonal tourism, compared to the town that does not? 

The taxes are higher, the properties are older, however we account for those issues.

So if they can get guaranteed 5% interest in an account they can get their money out of at any time they’ll want 8-10-12%. 

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

My motto, "Honesty, Integrity, and Accountability," has always been my guiding principle—not just in business, but in my personal life as well.

if you have an LLC and both properties are under it, you just need 1 operating account.If both are under your personal, 1 bank account specifically for the rental is enough for operating.Security Deposits should always be a separate account altogether.

There are several other issues (undisclosed maintenance markup fees, excessive charges to our account, significant reductions to agreed rent without communication, etc).

I will say, short term rentals require a bit more work, and if you are moving out of state, you may want to take a look into getting a property manager ( take that cost into account when running the numbers ).I hope that helps, reach out if you have any more questions.