If not, and he can't find a suitable tenant that YOU APPROVE OF, he is responsible for the balance of the lease.Nancy Neville

I can use the cash flow for other things until I find a suitable use for it.

What is the suitability for something like this property for either STR or LTR?

If they didn't, try to use that - health dept and code enforcement officials won't allow them to stay in a property that is not suitable for occupancy.

Even if they do, a visitor can create enough damage to cost you an entire years profit.

Could be my own bias but I can't imagine you'd have a ton of visitors. 

@Daniel Halsted Indian Point seems to be a popular area, especially for those visitors who spend a lot of time at SDC.

They still do many things (escrow funds, transactional processing compliance (Accredited Investor Verification, Know Your Customer (KYC) Checks, Anti Money Laundering (AML) Checks, Investor Suitability Checks, Transact Offerings, bad actor checks), due diligence, data retention, etc.

BD-like arrangements with transaction-based income have standards more aligned with suitability.  

I am going to make the affirmation, since you are a real estate agent, that you will make a huge commission on a sale, that will provide the security needed to maintain the property while you find suitable tenants and a better property manager.Things always work out in the end!