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 have over a decade experience managing my own short/medium/long term rentals.That being said, I'm not really sure where to start in managing other's properties (I may be overthinking this quite a bit).   

Also last November I bought a single family house that is an airbnb and it has a 1/1 apartment in the back that is a long term rental. 

I would advise to use a short term hard money loan, acquire it quickly, rehab it, and refinance into a long term DSCR loan. 

They have high loan amounts and a very long draw period and long pay back period.

I understand that for single family homes, it takes a while to get positive cash flow, but is 6-7 years way too long?

To be more specific; long hold multi-family rental properties (duplex, triplex or fourplex). 

Greetings,
I'm a local Broker with a vision of building generational wealth for my Clients. Basically that means developing Investor portfolios, managing commercial assets and design build. Should this resonate with ...

I'd suggest not noting things like "stabbed coach with a knife" and instead "7" long cut in left cushion of couch" and "4 sq ft area of carpet under den window coated in an unknown substance that stained the carpet". 

As BP has mentioned in various podcast/webinars, real estate is a long term investment.