The data might be a bit dated, but it can still give us a rough idea of what’s healthy in the rental market.

Planning on renovating and renting at market rates.

It will help you see your house's potential equity and present market value more clearly.

This could make your ADR less competitive, but if marketed correctly I'm betting that people might perceive more value, which keeps occupancy at least the same.I'm thinking of a model where you tell guests they have "add-ons included" like grocery delivery, prepared breakfast package, attraction tickets, inner tubes, etc.

This is not too horrible when the "days on market" are in the single digits. but it will put a small GC out of business if the flip does not go well.

Look at online reviews.  

I have never done commercial investing and I am not sure how many off-market deals like this will come along. 

It's an exciting step towards financial independence.To do so, determine your goals, assess your financial situation, and research the market.

Those figures are based on market data and info I received from a property manager who toured the property.

FIRST: This is ALL dependent upon your state and local statutes, so make sure you know what you are permitted and not permitted to do in your market with regards to terminating a lease.And your post is written by someone different about once a week here on BP.