I've heard horror stories about people having squatters break into their home when they're on vacation for a week, and they come home and there's someone living in their house.

In fact you may be ok with nothing but sink, microwave/toaster oven and mini fridge for vacation rental guests.  

It could also be a type of client - investors, first time home buyers, second home/vacation.

The general is as follows:-have a builder that owns a property with a partner on a British Overseas Territory-vacation destination with soon-to-increase traffic via increase in major cruise line stops-they have additional property to offer (at least a portion of) as collateral-plan to build 13 condominium units to sell (already permitted); builder claims to be able to construct in 5 months-looking for an individual or organization interesting in financing the project as a Joint VentureNeed an appropriate staging ground (perhaps within this site?)

In my opinion properties well suited for vacation rentals have:A great location for touristsNear outdoor / recreation destinations (beach's, ski resorts, etc.)Near nature (on a river, lake, ocean, etc.)Or perhaps a great location for business / corporate housing (Downtown, near major companies, etc.)Decent demand year-round (If it sits vacant 40 weeks out of the year you would be better off with a long-term tenant).Great amenities (WiFi, TV, Furnishings, Linens, Coffee, small appliances, etc.)Accept credit card paymentsPool / Hot Tub is a nice bonusOutdoor space at the property (Deck, balcony, patio, BBQ area, etc.)Pet friendly (not required, but will get you more interest)If your property seems to meet many of the above characteristics it is probably well-suited for a vacation rental.Some major differences you will need to figure out (compared to long-term)Who will do routine housekeepingHow will you get the guests moved in and out (lock box, in person, etc.)What laws govern your locationsWhat tax implications (bed tax, reporting, etc.) will you have to figure outHow much extra will you need to charge to make all the above worth it.

Are you looking into short-term or vacation rental property management or strictly long term?

If you haven't closed yet, don't close until the tenant has vacated.

Ultimate goal is to purchase a vacation rental, condo or single family. 

I plan on putting it on the market as soon as the tenant vacates.

I'm guessing the owner has already vacated?