Unfortunately the issue comes down to a simple fact, and that is, NO, you CAN'T trust people. Even simple accidents occur that can ruin something of value. 4 plasma HD's? Anything can happen.
If I were in your shoes and I needed to rent (you never really said you needed to, I'm only giving my opinion of what I would do) the house would be barren. Small 25" TV, wicker furniture or something similar that will hold up, a cheap sofa bed etc.
As "lou&nay" said, either build a lockable cabinet, or keep a lock on a closet or something to lock up your valuables, your clothes, towels, etc.
I would hire a local realtor/manager to manage it (more cost, but worth it) and instruct them to document everything that occurs before and after a tenant leaves. I would charge a security deposit, refundable upon the managers report. Keep the place well insured and document all items in the house.
I don't have vacation rental experience (other than renting myself) but do own a home that I've rented out for years. People are not treating it like their own home. They treat it like a rental.
Renting does have HUGE tax benefits, however, and obviously it can help you pay your mortgage which is great as well. Just think about it carefully, and if you do it, don't leave anything out for anyone to get their hands on.
Hope this helps, it really is unfortunate that you have to think that way, ya know?
On a lighter note, congrats on the house in paradise...that rocks!! I'll get there one day myself!
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