If the 3 phase VFD has 3 input terminals, L1,L2,L3, how do you connect Single phase power? .... L1 to Hot, L2 to Neatral, and L3 nothing?
You need to refer to the specific VFD's manual for this info. If the unit is capable of single phase input, then proper connections should be spelled out somewhere. You would want to connect the power to the 2 legs that feed the transformer that provides low voltage power to the drive electronics. On most this is L1 + L2, on others I have seen, L1 + L3. Depends on the manufacturer.
Input power would be 2 hot phases (240VAC), not a hot phase and a neutral (120VAC).