I'd pay towards one only and I'd choose the one with the lower LTV. 

We’ve flipped homes and now exclusively lend on them in Los Angeles.

I would choose option 2 or 3 and hire a property management company so you don't have to worry about how far the property is.

I recommend identifying a strategy for your real estate investments first and make sure the market you choose supports this strategy.

In my case, I fall into the latter - I only invest locally therefore the Nashville market is the best for two reasons.1 - I sell real estate in Nashville and I have an incentive for you to choose this market.2- I know absolutely nothing about the other markets mentioned in your post. 

I worked for Marcus & Millichap in their Capital Markets (Mortgage Lending) business and he worked with us exclusively.

Regardless of where you choose to purchase your STR, there could be some upfront and potential time-consuming start up processes.

It's important to choose that one and commit to using it.

I'll always choose the space that has a special feature or two like a fire pit, fire place, hot tub, nice deck for BBQ'ing, etc.

We all joined STR because of the cash flow, so why would anyone choose STR over LTR if it doesn't flow.