@Lucas Schlund the same thing that happened to all the STRs in NY City when their ordinance went into effect, as well as many other cities.Owners must comply and the government doesn't care about your potential losses:(

You want to be careful not to bite off too much on a first purchase so maybe if more four units or less or available that could be a better starting point with less risk and more ability to learn without potential loss.

I am taking care of the rentals and 2 teen daughters.

Rental fraud is prevalent in our industry so be careful.  

I would be VERY careful with the town.

I care deeply about good Architecture and being a developer is the best fit for me to introduce a better built environment.

It sounds like there's a bit of a vacuum in reliable local property managers.I was originally thinking of setting up a property management company to take care of the properties that my partner and I purchase.

I don't care who you are or what you do.

@Dennis Boettjer be careful about basing your decision solely on past deal performance.

One lesson is careful to be swayed by U tubes and claims .