They'd have to let the owner set terms too. Right now, people can rent up to 180 days, but owners would certainly not want to be locked into that. I know I wouldn't. If the rentals were locked for the full term, then the owners would have to be able to set how long they're open to rent it out for.
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Yep absolutely, the owner should be able to set the term limits from anywhere from 1 day to 1 month (for example) when putting the card up for rent. Whether or not a contract should be able to be broken and if so what penalty should be enacted should be considered too.