I'm a buy and hold investor.

Hold the property in the LLC's name for liability shielding, and use it for rent collection, expense management, and centralized operations.

@Carini Rochester I agree with Greg but to be clear Good Cause does not require a landlord to provide free housing, it just forces them go through the onerous and expensive and lengthy process of actually going for non payment eviction instead of a hold over proceeding, when the landlord knows that a monetary judgement is worthless and just wants possession of their rental unit back so they can fix it back up and rent it again hopefully to a great tenant.Also the problem with all this is that from 2019 to now, landlords have gotten used to having economically or physically vacant units and have priced that risk in. 

But I am not trying to sell the note, I will continue to hold it, and in the worst-case scenario, the borrower will become current, or in the best-case scenario I will foreclose and gain equity.

"I actually think renting a place will get me started"If you are talking about being a tenant yourself and operating a airbnb in your rental apartment don't hold your breath.

In both cases, you are left holding the proverbial bag.

I’m particularly interested in learning about areas within the city that hold promise for such investments.

If you want to fix and flip, find that person and repeat what works. 

It is very unlikely that you'll have problems/be investigated for just one instance, but repeatedly doing this will absolutely raise red flags these days.

Hold your nerve and don't slash prices unless you're seeing some extended time without bookings.