I'm not pessimistic by nature, I've just been on the planet for over 50 years, and that's more than enough time to see what all can go wrong with best-laid plans.

It's my personal opinion, but I'm not sure if adequate insurance is enough. 

One of our rentals has hot water heat powered by a natural gas furnace.

Given the historic preserve nature, I can foresee rehabbing these older homes with a ton of red tape associated with it.

I do realize that a partnership and JV are different animals, but I didn't know which was more suited to this situation with the on-going nature rather than being a one-off.

Almost everyone would say that you change the nature of the property and actually create a new piece of real estate when you build on land you own. 

Less concerned if it doesn’t unless the violations are of a nature that could land them in jail.

Also, make sure you have adequate insurance to cover potential risk.

Natural and Man Made?

If it is pretty far back in the woods, the numbers will be lower naturally so the overall build can be more modest.For example, there is a place with a peekaboo water view with a max of $258 per night. 4 bed, 3.5 bath, all 5 stars and it is pretty modest with laminate countertops and such.