i think it's a good idea yes, and yes get insurance. Is it in a safe area? What do you have to offer besides a house, is it on a beach?
As long as you take all the normal precautions, like insurance, a local rep (for inspections/key/minor repairs/the like), and a good cleaning service. Taht should be a great way to make some "mad monet."
Get insurance!! But, yes, a good idea if it's just sitting there unused.
Never do business with friends or family which includes money
Its a good idea to rent if the roof not thatched won't be that dangerous and make your own research if the place is visited more often
not if you want to keep it
I wouldn't. Renting is a huge headache and if you rent it only to your family and friends, they will expect you to make exceptions. Like that price you set? It's not for your cousin that you've seen twice in the past ten years because he's family. He'll want it for free and he'll trash it.
make sure they take care of it as you would..