Here's the rundown:
The owner will make the reservation in your name. All persons staying in the room will be listed on the reservation.
Even though the reservation is in your name (as are all of its pieces and parts, like the dining plan or Magical Express), the owner retains control of the reservation at all times. Any changes to the reservation, like adding a dining plan or adding Magical Express, will have to be done by the owner. You can't make any changes to the reservation.
For a DVC reservation, tickets are completely separate. It's not like booking a hotel reservation, where you can get a package that includes tickets.The owner will not get involved in any ticket purchases, and DVC doesn't sell tickets. You buy your tickets wherever and however you'd like. If you're renting through a broker, some will be able to sell you tickets.
Everything else involved in planning/arranging your trip is done by you. You'll make your own FP+ reservations, your own dining reservations. If you want to book any tours or special experiences, you'll do that yourself.
Hope that helps clear things up a bit!