Right! And might I not rebook that Aug 2-5 for 24,000 as we get within 60 days? Further reducing my cost.That's along the lines of what I was thinking the approach would wind up being. My thought is that the more rational approach would be:
July 31 - August 7 - book Bonnet Creek 4 BR Presidential for rental (424,000)
August 2 - August 5 - book Bonnet Creek 1 BR Deluxe in my name so I can rent the 4 BR (60,000)
Net increase in point cost = 14%. You do make a good point about insuring the deposit to further reduce the costs, though they could eliminate that option during the blackout periods to restrict it more.
There just has to be a penalty or repercussions of sorts for doing so. Obviously Bonnet Creek (or any resort) would not remove a guest that is in-house if the owner subsequently cancelled their reservation (or even was a no-show). And maybe it is just you can't cancel and lose the points if the owner doens't show up?
Again, no water I care to test, but the more you think about this, the more scenarios you can come up.