I am looking to buy a 2 or 3-unit home in NYC.

With an owner-occupied loan, you can buy a house with 0-5% down and get 30-year fixed rate financing so you're not dealing with adjustable rates if rates go back up and not dealing with a balloon payment in 6-24 months which is plenty of time for an experienced investor but not a whole lot if you're new. 

Investment Info:Single-family residence buy & hold investment.

Once you have done it in your own backyard and know the demand of owning RE, you will be much more ready to buy out of state.

You can offer to buy the upstairs residents an area rug, but I wouldn't force it on them.   

Are you buying amazing deals or are they closer to market value?  

Originally posted by @Andrew Lastivka:Hello, I am a new STR investor and looking for an agent in Central, Ohio and Fort Lauderdale, FL, and surrounding Phoenix, AZ area who specializes in STR's that can assist in buying properties and/or rental arbitrage.

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Buying a turn key rental, in an area you know or knew well, with a property manager you've met and trust, in an area that is large enough for you to have other options to find contractors and property managers?