He wanted 1/3 payment up front in cash and I paid him.

I have looked into setting up a trust and place each property under a LLC, and keep all under a family trust.You might have some insight that might be helpful on what is the most efficient way to do this.

We are not talking about a payment portal for a PM where as long as it processes, it's fine.

Option 1 - NOI = Rent - (maintenance, vacancy, management, property tax, insurance)or Option 2NOI = Rent - (property tax, insurance)in both cases i assume DSCR = monthly payment/NOI

The interest only payments aren’t getting any cheaper.

Or lastly you could 1031 into passive Delaware Statutory Trusts. 

somewhere in the price range of 50k-100k, because thats  what I can put a 25% down payment on.It sucks not being able to take advantage of an FHA loan for my first home purchase, but I don’t see myself moving soon because my entire family lives in LA. 

Since you are using an FHA I’m going to make an assumption that you are putting a very low down payment on the purchase.

But that also depends on your down payment- putting only around 20-25% down is hard to have a profitable STVR.Ultimately with STR v LTR, I'd be mainly curious about your intended use of the property. 

. - near lowest delinquency, late payment, and evictions in the country.