I'm sure people would pay extra for some kind of "meal prep/private chef" type package in their living situation.You've got the right idea thought, but don't be afraid to reach...nothing wrong with dropping your price after a couple weeks if you don't get any interest.  

Question that the “believers” don’t ask is “how much could I earn on the extra money I’m spending to pay down the loan faster?  

You can put a mortgage into a "trust: without triggering a due on sale but again contacting your bank/lender is the best route to avoid any issues.Some banks/lenders or servicing companies change guidelines and even a trust may require other paperwork but the attorney usually facilitates that to be safe.  

What are the usual lending parameters for a person getting there first property with roughly a 700-730 Credit Score and trying to secure a home 200k or under? 

It would also have to be put up and taken down between each tenant and I don't know how responsive your PM will be to this extra work. 

STRs are essentially small hotels, thus they are usually taxed similarly to what hotels and motels are.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

Unless you are planning on investing in your back yard and have extra time to spend, getting a good PM is very important.  

guys...it's unusual to buy an STR here, so usually houses are sold unfurnished.  

It usually takes a quarter of the time to manage a lease option property versus a regular rental.