I reviewed the SB9 legislation, and it states that properties occupied by a tenant in the last 3 years are excluded from SB9 but only if the project includes demolition or altering more than 25% of the exterior structural wall.

However, before deciding on a DSCR loan, it’s important to analyze your existing first mortgages—including their rates and the current loan-to-value (LTV).

After discussing their goals, we realized they would like to maximize the property's value while also including me in the process, given my background in general contracting.

Your calculations should include utililies and repairs, legals, snow removal, etc.

That hard work includes making the investments that the current owner hasn't made (nicer kitchens, new flooring, fresh coat of paint, etc.), removing tenants and marketing to new tenants.

The rate cap in January is currently priced at $747,000.The Capital Call funds will be used in the following ways:1) $4mil is being used to pay down the loan.2) $175k fee to extend the loan for 1-year.3) $2.247mil to cover interest rate cap extensions for the remainder of the hold period, including $747k for the January 2025 6-month interest rate cap purchase.4) $1,000,000 in reserves to prepare for additional extension fees and cash reserves.

Here's an article with FAQs including the cost of a study.

Quote from @Marc Shin: Hello,For the financing of a BRRRR, are there lenders that are willing to include the costs of Airbnb set up (i.e. furnishings) in the initial hard money loan for a BRRR? 

Lenders see all, including how little margin some flippers are operating on.  

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!