The terms are significantly better than DSCR. 

I’m 25 years old and new Real Estate Agent in the Los Angeles area.Before becoming an agent I’ve always had a long term goal of being a landlord, whether it be through a family home or an apartment building.

Looking to hold this as long term investment and rental income. 

I understand there’s some nuance state-to-state in terms of deed of trust usage vs. using a mortgage for the second lien position (our investor in this case).So that we can arm ourselves with the most knowledge going into discussions, could anyone advise what the setup process actually looks like here?

I'm currently the owner of a couple long term and a couple short term rentals. 

Is your property in SD a long term rental?

The guys said it best.Make sure you can actually get started before you get started like @John Underwood said.Plus I would really look at just getting more properties like @Mark Miles said.I think you will be ahead in the long run.

For investment properties you should be using private/hard money lenders, but if it's a primary or you have a long window of time to secure the financing then traditional may be the way.Overall, it should be easier to get approved via creative financing though as there are options and workarounds for nearly every scenario (they just may cost more the more creative you need to get).

The only potential problem is a very old and changing interpretation of the validity of doing this when performing a 1031 exchange. 

I recently purchased a short term rental unit in the Palm Coast area and am wondering if anyone has a good lease template they send their tenants?