Are these long-term investments?

Friends of ours moved out of their long term residence, a high end condo in Aventura, FL. 

When your tenant renews their lease and the rent increases, the handling of the last month's rent can vary depending on the terms of your lease agreement and local laws.

I believe we are both on the same boat, in terms of equity and being new.

The other lesson I learned is that the right fit for me in this investing process is to long term hold the properties I purchase, rather than flip them, unless market conditions are so good that flipping makes sense.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

He would like to see a 7% return on his investment, interest paid monthly, and his money back when we eventually sell or cash out refi (~10 years out).Our current intentions are to live in the new building, rent out our primary, and short term rent the 3 units adjacent to our unit in the new building.

Im wondering details how commercial loans work.  

Even if it is not a requirement to have a high credit score for approval most asset-based lenders will use the credit score to determine your rates and terms based on your risk factor.

I have a Condo In the area and want to rent out for 6 month terms.

I also have an LLC formed in Texas and am planning to transfer my SFR into the LLC for liability protection.Could anyone provide detailed guidance on the steps involved in this process?