This could be anything from a Letter of Intent as a prelude to a purchase contract to an actual purchase contract with an OPTION to purchase for a small option price subject to a defined time due diligence period.  

You will find that government ordinances and statutes literally 99.999999 percent of the time define "owner" to include the beneficial owners of a land trust, and that the "owner" is liable for code violations regarding the corpus of the trust if it is real estate.

It seems like landscaping/exterior is a large aspect of this property, so in that case I would put a good chunk of my efforts there

As the recession (real world tactically defined not academia/government strategically defined) continues we will see a larger uptick in the direct bookings.

All of these answers will help guide you to the guest type you're targeting and then helps further define what your amenities need to look like and how you can price it.

Also just so you know, they are not Hard Money Lender's they are your joint venture partner in every aspect of the deal.

I will hire out to another expert to handle other aspects of our finances to make sure those are on the right track.

Define your target investors: alternative investors, passive income seekers, or industry enthusiasts.

They both have their good and bad aspects… but rentals are far easier day in and day out.  

I would think a lender views the STR as a higher risk simply because a long-term tenant has a defined lease in place, that is usually 6 months or more in duration.