I understand they sign a long-term master lease with a landlord, furnish the place then rent it out for more money.

You will have to deal with guests, design and furnishings which is different from long term rentals. 

I would build stick built and maybe the siding to resemble a log cabin if that's the look you're going for . 

We can buy it furnished.

If I were you I would be looking at this as an opportunity to really negotiate price and other items that you want to make happen (credit back at closing, fully furnished and more). 

If you are trying to convert a property under and hoa into an str, your job gets even more complicated as the HOA itself may have its own regulations IF it even accepts it at all.caution: STR market is over saturated in these parts and some of them are shuting down and being converted into corporate housing, mid term rentals, or furnished long term rentals.

The delta for a furnished rental was large enough for it to make sense.

They furnish it, pay the utilities and rent it out to people staying for a short time. 

I use the following criteria: Applicants minimum requirements Policy:Applicant’s gross monthly income must equal approximately three times or more the monthly rent.Applicants must be employed and be able to furnish acceptable proof of the required income.Applicants must have a credit score at or above 600.Applicants must have good references concerning rental payment, housekeeping, and property maintenance from all previous Landlords.Applicants do not have a history containing evictions.Applicants do not have a history with felony convictions.

How much can I expect to furnish each property?