Prepayment penalties- usually 1-5 year terms.

How do I navigate the processes and find the right approach to adopt for achieving my goal of generating an income and preserving wealth in the long term.

The advantages are twofold - you secure favorable financing terms for your primary residence, and when you're ready to move on to the next property, you have the option to turn your initial purchase into a lucrative investment.

We're based in Orlando, manage long-term rentals 1-80 units, and own/manage 48 units ourselves, so we know what it's like to be an owner and a manager. 

The house was an inheritance from a trust so not a sale and not on good terms with the other parties.  

Even if you go the private money route that you mentioned (which also makes sense) - I'd advise speaking to a few HMLs at least to get comparable "market terms"

The short term rental loophole is for rentals where the average stay period is 7 days or less.

Decide on your readiness financially and risk tolerance before developing an investment plan that is comprehensive but is able to grow into a long term wealth purpose.Good luck!

The bad thing is, you are around your tenant a lot :) Get the terms and conditions in writing.

Unfortunately, there is nothing you can do until the current lease expires unless the tenants agree to sign a new lease immediately with your terms.