in my experience doing this in Vegas - the gross rental income is about 50% higher. 

It’s still relatively affordable compared to bigger cities, has strong rental demand, and no state income tax, which is always a plus.

I am from Iowa so our goal would be to use it in the winter months (dec,jan,fab) and try and break even off the income from the remaining months. 

The expectation here is more income, assuming that your property is in an area where furnished rentals are in demand.

With a fideicomiso, the gross income is taxed through a withholding tax whereas, with the corporation, the rate, you can deduct expenses but the taxation rate is higher.

Owning real estate is not passive.

I have been working on creating more passive RE opportunities and have come across a unique equity financing structure.

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Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

The last thing you want it to trigger income taxes from accidentally cashing out.