This is why is is extremely important that you use local resources who own STR's in the area or manage them at a bare minimum.

We have a Chicago general contracting business, and handling the field operations is a ridiculously heavy lift.As far as finding customers I think you'll have some good success with gorillia marking at some of the local investor meetups. 

I want to find something local (Los Angeles area), move in, do small renovations to possibly build up more equity, do a 1031 exchange, and find something better. 

I would believe so, but it is always good to check the local laws.

You know how to manage a property.To get started, your first steps should be getting licensed then meeting with a local RE attorney so they can help you get set up with your contracts, management and lease agreements, etc.

Ultimately, a “win-win” keeps your tenant profitable while ensuring you’re not underpricing your asset.As for notice periods, definitely check your local regs, from what I’ve heard.

I recommend finding local meetups to attend. https://www.biggerpockets.com/forums/521I have found all of my best connections at local meetups.

I suspect that you'll have better luck with a local bank or private money, though it likely will still be challenging. 

In addition, I would give the tenant information about the local place that handles rental assistance programs.

Local investor focused realtors will have multiple referrals for you to check out and interview.