Does anyone have any referrals for property managers in the Los Angeles area who specialize/ have experience in mid term rentals? 

While that kind of income is not a deterring factor, when I looked over the terms of service many big red flags came up.

Difficult to tell from the website exactly what type of Passive Investments are available: Fixed Term or Open-Ended.

Find out what financial problem you are trying to solve in the short term until your able to get to more "long term" problems that real estate helps with 

If you're goal is a long term hold, you're almost certainly going to do well even with a market rate deal in any of those states.

Do people have reservations about long-term rentals - are short-term rentals better?

For me and my goals, I focus on long-term investing in residential single-family homes in Florida and Georgia.

Are there any resources that help explain what type of terms we should ask for?

Leveraging our market connections, we identified the property’s potential and negotiated favorable terms directly with the seller, securing it at a highly competitive price.

While short-term rentals in areas like Kissimmee, Florida, can pay for themselves and offer lifestyle benefits, the ROI typically doesn’t match what I see from my traditional portfolio of long-term rentals in North Texas.That said, short-term rentals can still be a great choice, especially if you're drawn to the area and the opportunity to combine personal use with investment income.