Since this will be your first trip to Cabo, I will give you a warning. Don't attend any Mexican TS presentation. I know that you said that you won't be renting a car but hopefully you will have pre-arranged transportation to Villa Del Palmar.
Also, getting through the airport can be a little challenging if you don't know what you are doing. When you arrive at the San Jose del Cabo International Airport, you will be ushered through Immigration. Then you will collect your luggage and proceed to get checked out by Customs. Officials are there to help you at every step of the way. Once you have been given the go-ahead from Customs (red light or green light), you exit the airport on your own. You must pass through 2 lobbies of time-share sales people and other vendors. Admittedly, this process can be annoying and intimidating. Despite what these people tell you, know that you are not required to share any information with these Tank Sharks. This area looks like a hotel desk, but go straight through the sliding doors and go outside the terminal to the Shuttle area. Once you are outside the airport, relax and enjoy your vacation. Other than that minor inconvenience, Cabo is a fantastic place to visit.
February is a great time to visit Cabo because the whales will also be visiting. I would highly also recommend a whale watching tour. We will also be visiting Cabo for our fourth trip next February.