I recommend you listen to the podcasts which can be found at www.biggerpockets.com/podcastsRead the beginner's guide, for which there is a video course version as well at www.bupainternational.com/courses These will get you started and help you choose your path. 

If I choose the short-term rental path, I would want to find an excellent property manager who specializes in vacation rental.

Face it no matter what type of business you go in or if you choose to work for someone else you will make a mistake because you are human. 

I don't recommend choosing based on price alone as the pricing models only vary a few hundred dollars each year from PM to PM, but a bad PM can cost you thousands of dollars by allowing your home to sit vacant, allowing problematic tenants in to the property, not managing the tenants well, not maintenancing the properties well, etc.Something to consider...

I would choose an island with a good work surface that could double as an eating surface with bar stools on the living room side and cabinets on the kitchen side.

The thing is that I do not know what route to choose.

Who wouldn't choose the deluxe version.

If you guys paid cash for the property & want to avoid borrowing funds, but need money to pay the contractor & start producing income, then you could possibly do a lease option (aka rent to own) allowing the tenant/ buyer to choose design elements or have input on the design (so that they feel they're getting some kind of customization & added value), this would be of course AFTER collecting an NROC fee, (Non-Refundable Option Consideration - not a down payment but gives them the right to purchase at a future date - usually 3-5 yrs) typically anywhere between 5%- 10% of the market value of the property.

I think the good wholesalers know how to generate a large volume of leads and are able to pick and choose the best ones to present to their investor relationships.

If this is the case, it is best to try to find a title company that will not require that disclosure because it will likely kill the deal.2) If not, you can offer to pay for the title work they've done and ask that both closings happen at the title company of your choosing.