My reason for joining the Bigger Pockets community is to gain FF and give my children the upper hand in life that I wish I had.

Consider the upside of what your children may learn by watching and participating with you as you run your rental.

We wanted to down size a bit since our children are getting older and a cheaper payment to protect in the future from any down turns in the market in which I work.

Do they typically have children?

When making that decision, keep in mind that nearly 60% of renters don't have children so a second bath may not be as important as it might.

Sadly this investor lost his childrens entire college fund by believing Scott Carson's BS.

My view is that if you forego the tub you eliminate most families with young children. 

We are considering doing a STR but curious about challenges of having guest while raising three children.  

When the lease names only one tenant, that tenant may share the apartment with immediate family, one additional occupant, and the occupant’s dependent children provided the tenant or the tenant’s spouse occupies the premises as their primary residence.

If you don't have school aged children and don't NEED great school districts, I'd say hold off on investing in NY suburbs.If you are NOT looking to owner occupy, FL is definitely a better option.