My guess is yes in which case, get a copy of the document and let the family pay the back rent. 

Purchase price: $1,355,000 Cash invested: $135,500 Bridge House STR What made you interested in investing in this type of deal?

Some buyers do utilize second home financing options to secure their vacation property, which is nice because it allows the applicant to go up to 90% financing on a full documentation loan. 

I have been doing property management for 25 years+ so I could share some thoughts.What type of rental property did you buy/ are you looking into?

Each designated LLC has its own governing documents establishing its members, managers, and membership interests.

Does this type of procedure qualify for the capital gains exemption?

On a positive there are 15-20-30 year amortizations and increasing income qualifications including instant approval and AVM (no appraisal requirements) for very clean applicants, and creative documentation for self-employed borrowers or investors such as bank statements or even DSCR (usually up to 75%LTV) for investment properties. 

A contractor is better at doing the work they are told than they are identifying issues like an inspector or making decisions about the type of rehab work to do.

That will vary depending upon your experience level, the quality of the property, the cash flow of the property, and the lender's appetite for that type of loan.

It's the most important document you have as a tool to increase revenue, reduce costs and liabilities, and be able to enforce the way you do business with tenants.