It's tough to screen a guest but if you charge a premium you'll usually get older more responsible guests…Key to making a vacation rental work is to ensure your reviews are near perfect, your cleaners are reliable and understand you run a mini hotel, your customer service is excellent, always be available for questions and respond quickly, offer more amenities then the competition, set up systems to where you have "canned" email response, rental agreements, check-in instructions, condo/local area info book/powerpoint!

That ensures 12 months of income and decreases the chances of losing money to vacancies.

It's your responsibility to inspect the repairs and ensure they were done properly.

Solution #2: Hire a MentorIf you’re new to real estate investing, you probably don't yet have enough knowledge or experience needed to analyze a deal and ensure you’re paying a fair price for the property.

As an Army Veteran, naturally I started there and quickly discovered some of the perks.1) Guaranteed rent through BAH - (Basic Allowance for Housing)2) Ability to hold tenants accountable for damages - I'd request information regarding their assigned unit and contact chain of command if issues arise. 90% of the time CoC were willing to get involved.3) Additionally, Soldiers have mandatory housing inspections to ensure cleanliness and quality.

They require you to confirm that you are a landlord but after you are all set up you can perform intensive background checks, credit checks, and criminal history checks to ensure that people are who they say they are.The other part of the battle is pricing your unit right so that you draw the people you want in, and setting up good tenant criteria and not bending on those rules.

So, my CPA tells me what type of entities to use (I used to use multiple LLCs taxed as S-Corps and now have use a single LLC taxed as a C-Corp) and my attorney ensures that I manage them correctly.

I am not sure that your proposed agreement structure ensures that all parties' interests are aligned.

For screening, I look at their criminal and rental histories, then income to ensure the have sufficient income to support the payment. 

Find out the loan to value on which they will loan to ensure the money will be enough to cover everything.If they do seasoning ask for how long, if its 3 months not bad at all but no seasoning is your best bet and saves you money.