Also is there any restriction like time period (at least x months after initiate purchase)?

I choose a larger bank (better rates), two local banks (less restrictions, and one in which I already banked.Step 3 (network with everyone): During my lunch breaks at work and in between changing diapers I would call/text anyone I knew or didn’t know to discuss real estate.

Not understanding how and when I can raise rents and other operational restrictions is what scares me.  

I wouldn't go for a condo, as the HOA fees and restrictions could affect your ability to rent it out, and the resale value will always be lower than a comparable SFR.

In general, if there's nothing in zoning or the deed restrictions prohibiting the division of the property, it's mostly just getting it resurveyed and presenting the new subdivisions to the local government (county usually) to have each lot recorded as separate parcels.

However, government officials, pandering to populist sentiment, hold landlords to standards and responsibilities far more restrictive than any other business.  

Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners. 

He did his time and he got off parole and has no restrictions.

Hey there- from what I understand, the possibility of restrictions on STRs is more so for properties in the city limits of Blue Ridge.

Disclosures, or other restrictions on transacting with homeowners.