If you’re just saying the survey cost of getting the existing building layout documented is too much, you might be able to get creative and avoid the costs, but it’s not a great bet to make. 

Instead, have your family record a private note on your existing property.

Another BTW, the state of NY determined in 1947 that a temporary housing crisis existed in NYC.  

What if the existing tenant needs an other semester or who likes living there? 

That doesn't stop them from existing.

Hello, my wife is an optometrist and we are looking to use a physician loan to purchase our primary residence.We have some debt that we would like to payoff through a DSCR cashout refinance in am existing investment property I currently own and from there we hope to be in a good place for the doc loan.Our challenge is finding a lender that can handle both the DSCR cashout refi and the doc loan, since coordinating two separate contacts seems to add extra challenges.If you or someone you know can do physician loans (for optometrists) and also DSCRs I would appreciate being in touch.

The possibility exists (only hindsight will let us know for sure) that now is NOT the opportune time to purchase SFR as investment property, UNLESS the plan is to hold FOREVER, or at least 10+ years.

Hey Meghan, Someone like you in your position might find success in buying an existing property management company rather then starting one fresh.

Does not mean they do not exist but it feels a bit like looking for unicorns.The more likely scenario is finding a 3/2 for $2,500 a month that bring in $5,000 a month in revenue. 

The cash you get coming out isn't income, it's a loan, so you have very favorable (non-existent) tax issues.