You can quit claim the property into an LLC after the fact, but you'll want to be sure that this does not trigger acceleration/repayment under the terms of the mortgage.

Or is it just better to find a hard money lender for a short term of about 1 year depending on the season period a traditional bank wants?

Just from taking a quick look around I found that there are less that 1000 STR's in the Charlotte area proper and was wondering if there are any restrictions as far as using a property for short term rentals. 

You can diversify across markets and different asset classesSt Augustine is the capital of short term rentals Not enough hotels, the beach, the city, nights of lights.

For a long-term investor, this is a great area to invest.

He was decidedly more excited about that idea.In terms of money, my initial thoughts were that the equity in the property would change over time as individuals contributed more throughout months/years until an agreed amount of parity was reached based on whatever the property called for: i.e. everyone owning a 2bed/2bath had contributed the same amount of capital, that sort of thing.

I think in the long term itll help stablilize my area.

For a property that needs rehab, you will need an interest only loan (generally a 12 month term) that funds up to 90% of your purchase + 100% of your rehab.

Prepayment penalties range from 1-5 years and you get to decide the length of the term.

Please help me, in simple terms, understand the process.