Try looking in MD they seem to have friendly LLC laws and set up costs.  

Having said that, there is no problem having SMART compassion and taking safety measures (15 months rent in an escrow account). 

Researching local laws, taxes, and economic trends is crucial.

Some of the laws in NY changed recently and you are required to obtain a certificate of no harassment, No permits will be issued until it is resolved.You will need to work with the current tenants for this certificate to be approved which can take up to a year or more, Definitely something big to consider.  

Commit one crime and get charged with breaking 10 different laws.

Increasing your construction budget by a small amount can have an enormous impact on your overall construction budget, productivity and site safety/insurance premiums.

STRs sound like too much work to me.Portfolio income = stock dividends, interest income (from banks, credit union etc), Master Limited Partnerships (Form K-1), Business Development Companies (Form 1099), bonds, interest earned from investing in a real estate debt fund, interest earned from being a private lenderAsking why our tax laws are written a certain way is not going to lessen your tax burden.

Love that idea and I'll feed that in to the Seller. sometimes you have to fight fire with fire and I’m not 100% familiar with New York laws, but I’m pretty sure they have squatters rights therefore, the other squatter wouldn’t be able to do a thing about it.

Chris is spot on here, the new law is going to be in effect from Friday first of November.

Division enforces the law, they aren't the P.C. police.