They wish to use it as a weekly rental for reunions and vacations.

Something has to pay the bills, put food on the table and yes, cover health costs.Building your wealth by doing RE might take longer than expected.Here is a quick example:A mid-level SW engineer in the DFW area makes about 100K / year plus bonus (about 10%) plus 401K matching plus benefits (health, dental, vision) plus paid vacation days. if you sum it all up, about 140K total comp. 

I have a vacation rental on a small lake.  

I'm an airline pilot and I can hook you and your family up with some free tickets to a nice beach vacation down here in Florida where my family lives.

All it needs is mattresses and a kitchen table and it could rent out very profitably as a short-term vacation rental. 

Hello fellow investors,As the topic states, I have decided to take the leap and I would like to invest in a piece of property that will be a vacation/rental piece.

Top of the food chain - stroke his ego.If he does need some cash upfront as a good faith or vacation, etc. offer him a small down payment.

I live in a town where vacation rentals are quite popular and I am interested in getting a few over the next few years.  

You could be onto something, offering vacation rentals up there.

What are top three tips you can offer regarding having a vacation rental?