It depends. You should use 100% ownership since you own the timeshare period in your contract and you have complete control over it during that period. You should also select vacation rental for this type of rental.
You would need to claim it as income if it's rented for fewer than 14 days and you didn't use it for 15 days in addition to the days it is rented out. You would report the income and expenses in Schedule E
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