(Manhattan condo starts at 2M) I can guarantee 95% properties are running illegally. 

I rent to one couple or small family for the full rental period - no less than 2 months and no more than 3 months.

If you budget the negative cash flow over the course of the hold period and have reserves set aside to fill the gap, there is no problem (assuming your investment meets your target appreciation rates - I understand there is no guarantee there). 

Make sure to get legal advice on what you can and can’t do for bill back and what kind of notice period is required in your state. 

The payback period can be anywhere between 3-7 years depending.

Keep in mind that they can increase that period if they get complains from the community, so make sure you're in good relationship with your neighbors.

. ==== Projected Income ====**Off Season**-$4,000/Month Rent Period: September - May (7 Months) Projected Income: $28,000**Summer 1**-$8,000/Week Rent Period: June (4 Weeks)Projected Income: $32,000**Summer 2**-$8,500/WeekRent Period: July-September (12 Weeks) Projected Income: $102,000**Optional** (Basement Apartment)-$2,000/Month -Rent Period: Year Round Projected Income: $24,000TOTAL PROJECTED INCOME: $186,000 ==== Operating Cost ====-Mortgage: $84,000 ($7,000/Month) -Utilities: $36,200Gas $6,000 ($500/Month) Electricity $6,000 ($500/Month) Internet $2,400 ($200/Month) Garbage $5,000 (Estimate) Pool $4,000 ($250/Week)Landscaping: $4,000 -Mowing: $2,400 ($150/Week)  -Clean Ups: $1,600 (Spring & Fall)-Weekly Turnovers: $8,800 ($550/Week)==== Legal Cost ====Summer Rental Fee: $20,100 (15% of $134K)Sandwich Rental Tax: $6,855 (15% of $45,700) NET PROFFIT: $38,845.00

My draw down period is ten years of interest only payments then twenty years principal plus interest after that. 

I am wondering if transferring the cash periodically to a standard brokerage IRA account may be my best option.

In effect, earnest money is just paying more of the down payment and closing costs upfront.”Keep in mind, this isn’t required, and it doesn’t guarantee your offer will be accepted.