Is there a best-practice on how to do this or can you share pointers from experience?

After reading through nyc.govs lengthy explanation on M1 zoning laws, I am still trying to figure out if we can do this or not.

Condos are starting to get condemned, which means people are having to vacate units.I'm telling you right now, I'm a JD (not a practicing attorney) in Florida whose business is being an insurance expert for carriers, working with engineers. 

Once you have steady employment, look for a place where STRs are allowed, with an in-law suite. 

I'm recently retired after a 30 year career in law enforcement.

Very practical.

I believe there’s opportunity in every corner of this business, and I want to make the most of it.Also figured I would reach out to likeminded people, the only family I have is the one I am creating I have my in-laws support as well so that is a help.

Proper notification and time line is dependent on state law.  

Your parents and you could probably use a really good Elder law atty in NY as well to look at how best to structure their ownership and passing to you.Nothing wrong with selling to a related party and completing a 1031 exchange. 

Because you are self servicing your loans most are not legally compliant with consumer protection laws and CFPB requirements such as sending statements on a monthly basis that have all the language the CFPB requires as well as each state may have additional requirements for sending out just a simple statement.