scottsandy,
Your Villa appears to be along the waterfront, almost opposite Isola Bella and if that's the case it will be a nice location. I'd suggest using a Taxi from the rail station to the entrance of the Villa when you arrive.
Day trip suggestions.....
- Visit the Borromeo Islands - you'll have to walk along the waterfront to reach the boat docks, which are at Piazza Gugleimo Marconi in the main part of town. If you visit three of them, it will likely take the better part of a day. I'd suggest arranging the timing so that you're at Isola dei Pescatori at lunch time, as there are lots of nice little restaurants right on the water. Isola Bella will take the longest, as there's not only a large Villa to tour but also elaborate gardens (complete with Peacocks). Isola Madre also has gardens.
- Visit Mt. Mottarone - as I recall, the Cable Car station is close to the location of your Villa. Here's information on the mountain - http://www.visitstresa.com/Stresa_Mottarone_Cable_Car.htm
- Visit Locarno (Switzerland) - it's very easy to take a day trip to Locarno, using the scenic Cento Valli Railway and returning to Stresa by boat in the early evening. You'll first travel to Domodossola via regular train, and then go to the lower level of the station to connect with the Cento Valli. While in Locarno you could visit the Madonna del Sasso Franciscan Monastery, take a trip via Cable Car to Cardada for some incredible views of the city and lake. There's a great restaurant with patio right beside the cable car station, where you can get a fine meal and a cool one, while watching the Paragliders sail by. Also in Locarno you can test your luck at the Casino, browse the posh shops or check out the stores and restaurants surrounding Piazza Grande. One point to mention - you'll have to check the Guidebook for the location to buy tickets for the Cento Valli trip and boats. The hotel owner took care of all the details for me, and the tickets were delivered to the hotel within about half an hour.
How close will we be to the necessary transportation?
If my take on the location of the Villa is corrrect, you should be able to walk to the boat docks without too much trouble. It will probably take about 15 minutes each way. It will be the same to reach Piazza Cadorna, where some nice restaurants are located. If you're energetic you could walk to the rail station (it's slightly uphill from the town) but with luggage a Taxi might be a better option.
Definitely want to visit other islands, including Lake Como.
Lago di Como is another lake, rather than an island. It's not really suitable for a day trip, given the transportation times back and forth.