There are things you can do cheaply and things that you really
should invest the money to do right.
Anything having to do with sewage is something worth investing the money to do right.
A 55 gallon drum will very quickly fill up and then you'll have a mess on your hands. If that's what the previous owners "installed", it will not be sufficient for any sort of long-term inhabitant. You're looking at a gross, stinky mess down the road. Down through the years, I've seen all sorts of jenky homespun septic systems that were a nightmare: stinky and dangerous.
A composting toilet would be much much less expensive than a septic system, and the added bonus would be that you wouldn't be wasting all that
water. If someone is cool with living in a converted
chicken coop, hopefully they'd be cool with giving the old composting toilet a crank every other day.
If it were me, I'd bite the bullet and invest the money in a proper septic system. Yes, it'll cost you $4000 or more, but once it's in (if large
enough and installed correctly), you'll never have to worry about it again in your lifetime. You can run the leach line from the septic system out to the
trees you mentioned -- double duty.
Assuming you could take $100 a month from what you charge in the monthly rent x 12 months ($1200 a year), x 4 years = $4800. Paid for in a short time, and peace of mind forever. That's worth something to me.