I suggest you call the CCB  and tell them what you want to do .. pretty sure they will say you need a developers license like I have .. or actually I have 3 of them for 3 different LLCs its a pain but after being fined twice you learn.then I would call the department of real estate and ask to speak to an enforcement or investigator and run your model by them..

@Leslie Schwab this is a tough issue, and I feel your pain.

Had this happen to me personally and it is a royal pain.

@Sean Snider & @Stephen Barnabei  He ended up catching up with some back rent about a month ago, I'll probably have to chase him again this month, not a bad guy, I've know him 20 years, just a pain in the *** when it comes to making payments.

I'm taking pains to avoid shiny object syndrome, though I see a long term future in apartment/multifamily and/or commercial. 

Also, it'll be easier to get through the growing pains of switching over while you're still small. 

There are a lot of rough, seedy areas and then there are some pockets that are undergoing gentrification and are on the rise.

@John Franczyk Yes, New York is painfully slow. 

@Wes BlackwellThanks for the replies to everyone.A bit more about me and my current state, unfortunately I am going through a divorce (we were married through her tradition which means not legally yet the pain is the same) that being said; I do understand your points Wes.

I do commercial but for residential what I saw on the last down cycle was this.Those landlords that had the most expensive rentals felt the pain first.