In general, what is the strategy for choosing rental terms in the current market?

Prepayment penalties- usually 1-5 year terms.

Quote from @Matthew (Mateo) McDaniel: A hard money lender is typically used for short-term loans.

But I did'nt care about how long it would take bc I was living the house.

In terms of your financing question, the majority of loans we do are in that $1m to $5m range, so that's not an issue at all (fake numbers wasting everyone's time would of course be an issue, but let's stipulate that it's solved).

The ultimate goal would be to rent it out for short term stays or possibly as an event venue (in addition to being on farmland, it's surrounded by pine forest and waterfront).

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You should get tons of interest from there, as long as it's in good shape and not way overpriced.

Purchase price: $674,000 Cash invested: $134,000 Long term rental purchased in area that is under development and predicted to rise in value over the next 5 years - 2br 2bth

The house likely won't cash flow as a long-term rental once you move out, and you're spending more money upfront in both monthly costs + downpayments and closing costs.