I ask because, I’m having a hard time understanding how to structure payment vs asking rental amount vs marketSecond question, scenarios with newbies with troubled credit who happened to acquire a property through a hard money lender, how does their credit impact their refinance chances when the property stabilizes after a year of ownership?

There's many condo associations in Florida that have the same thing, either 6mo or 1yr minimum (some longer) of ownership before you can rent it out.

I suspect (but I could be wrong) that asset protection will require that you transfer the ownership to your LLC, either directly or thru a land trust.There are disadvantages of transferring property into an LLC, so do consult with an attorney.PS.

Hello does anyone know if it is possible to transfer a property that I own into an LLC that I have 20% ownership in, while still maintaining 100% ownership of the mortgage attached to the property? 

A double closing means the property is technically changing ownership twice, one right after the other.

This concept is used to differentiated between a simple lease with an option (which doesn't shift any of the burdens and benefits of ownership) and an land contract sale (where the determination is that the sale has occurred even though the deed does not transfer until the last payment is made.You'll want to avoid that "risk of loss passing" threshold. 

My lawyer suggested tenant in common approach for this...as I will be giving him 25% of my 50% ownership for downpayment.

5 partners, all with active ownership can spell trouble.

This will depend on several factors such as your ownership percentage in the partnership and how active/passive you are.Another thing to consider is if it opens you up to filing in multiple states.

If its really good deal you should be able to BRRRR it and pull some equity out. in regard to ownership history, did you try the county and city records?