Hi John, The key is to find someone you trust, which is why I recommend using Property Management Finder.

I am looking to acquire 500k Short Term Rentals in PA and FL.I'm looking to be able to make the smallest down payment possible.

Sorry for being so green.KevCan you afford the payments on a $250k line of credit?

See who you trust the most, and is reasonably priced and move forward with a fair contract.

Is the DIL considered to be "direct family," and if so, could the MIL gift her enough money for the down payment and closing costs? 

This may be difficult in NY, but hopefully you can apply his rent payments to the unpaid violation fees then evict him for unpaid rent.

I currently own a triplex. The triplex consists of 2- 2br/1ba rent is $1050 and 1- 1br/ba $950.  The 1 bedroom currently has a section 8 tenant payment
All the rents are under the fair market value for its zip range....

I'm purchasing in New Jersey and I have been looking for a way to establish a land trust, but reaching out to lawyers, there does not seem to be much dealing with this (most don't know what it is). 

He said we would utilize a payment service to ensure payments are made, and also a "performance deed", so that if they stop paying I could reclaim the property without going through a year-long foreclosure process.  

I am considering paying off the mortgage lump sum, which would avoid around $135K in interest payments and generate an additional $1,400 positive cash flow ($28.8K annually).