We have a strict no smoking policy, but will be creating an outdoor smoking area for their use. 

Would NOT recommend using any type of standard lease though as they are not meant to address your planned co-living arrangement.Some issues not usually in a standard lease you would want to address:1) Overnight guests2) Parking3) Utilities4) Sharing of common areas and do you want any areas off limits.5) Guests & parties6) Use of and damages to your furniture, etc.Also, how will you secure your personal bedroom and other possessions?

UNLV Campus Shooting: A 67-year-old academic, linked to schools in Georgia and North Carolina, opened fire on the UNLV campus during an outdoor gathering.

I would focus on making the backyard amazing so that whoever the next buyer is can have a nice outdoor space (maybe a pool, florida room and/or garden) to enjoy.

The vast majority of the homes in the area have not been updated and are using older furniture etc.  

I can think of 10 cities/towns better suited for STR's with lots of outdoor activities. 

It's looking like we are going to have to purchase an outdoor storage for the home.

What you are essentially doing is reallocating assets within the property that depreciate at faster lives. for example personal property (appliances, furniture, fixtures, carpeting, etc.) depreciates over 5 years, and land improvements (pavement, landscaping, fencing, etc.) over 15 years.

Outdoor furniture lasted one year, even expensive aluminum and rattan.

If you're targeting family reunions, how about a pavilion area with an outdoor kitchen?