Thank you, I would definately do the separate contract would that be doable since there isn't a separate parcel number as of now? 

Capital Equity is the example OP noted, and for those with reduce leverage.Sweat Equity is being a price taker instead of a price maker (brrrr crowd, self-managing vs use PM, those who find discounted assets... and so forth).Market Arbitrage is vague, but I define it as getting into a market before it reaches efficiency.

Is it necessary to define that it is seperate bedroom and a common area?

Like @Joe Villeneuve I am curious about how you are defining 'goal'?

One of my favorite general business concepts is how one of my favorite writers defines business strategy - "What can we do that is really freaking hard?"

Getting clarity on these questions with yourself will help you define your risk tolerance, the involvement you want to take, how much you can invest, etc.

A limited POA would give another party agency to handle the STR management in clearly defined, limited instances.

The rules you put are really about defining unacceptable uses/behavior that responsible people may/may not be aware of.   

they'll help you define the right path.  

., monthly, quarterly, semiannually, annually, or any other defined period).