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.

Nice neighbors and children playing outside is not my definition of bad part of town.

He has 2 properties that he used to rent out a couple years ago, but quit as the additional income would relinquish his benefits for his children.

The home was Willed to her children who are not paying lot rent.

We would like to hold the property forever, and pass along eventually to our children (1 and 3).

There were multiple children who inherited the property from their parents and by purchasing, I offered a way out for all parties to have their hands clean.