STR out of an apartment that I'm renting. Arbitrage?

[Oladimeji Sonibare]

Hey, All.

I'm trying to figure ways to best save towards my first investment property. I've considered house-hacking, but I live in NYC, so I'm pretty much priced out. I'm currently considering renting an apartment in NJ and hosting an AIRBNB out of my landlord's property, with his/her consent.

Seems too good to be true though. What do you guys think? How likely is this to happen?