@Kin LayThere could be gift tax, income tax, and property tax implications to a proposed transfer. 

These should be reflected in the purchase price or negotiated as part of the terms, such as the seller carrying some of the renovation burden.Use seller financing to your advantage by proposing a price closer to $225,000-$250,000 with terms such as 20% down, a low interest rate (4-5%), or interest-only payments for 3-5 years, with a balloon payment once renovations are complete and cash flow stabilizes.If the seller is firm on price, consider negotiating higher down payment terms to reduce the financed amount, paired with interest-only terms or a price reduction tied to renovation milestones.Key questions to address include the condition of the septic system, which can be a significant expense if it fails.

Each team would propose a new ideas and new creative financing to help both sides reach their goal.

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.  

Short-term rentals are becoming oversaturated in certain markets plus anti-STR legislation is resulting in some of those properties also converting to long-term rentals.You already have the operations experience by self-managing.

You will not have the rate long enough for it to interfere with your current and proposed profits.This is where having a good team comes into play for example having a seasoned realtor who knows the market on the purchase/ARV side.

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.

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.

I reviewed the SB9 legislation, and it states that properties occupied by a tenant in the last 3 years are excluded from SB9 but only if the project includes demolition or altering more than 25% of the exterior structural wall.

Do I only draft a cash-for-keys agreement after they've accepted the notion of it or just drop-off the proposal/demand?