While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.

For anyone considering this, it’s probably worth consulting with a local land-use attorney or planner to navigate the specifics and make sure you’re maximizing the opportunity without running into red tape.

You have given the tenant many of your rights as an owner BUT only for a specific time period whereas a deed transfers rights permanently.  

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Have some real estate under my belt but looking into Short term rentals opposed to long term rentals.Wondering if there is a stand out book to read to gain understanding for Australian Short Term rental market/AIRBNB.Also if there is a specific group for Australians and short term rentals for Australian market/Australian tax system etc, do point me to that.Rod

Maybe this is neighborhood specific, but most of the SFH within a few square miles of me sell with ADU price per square foot the same as the main house.

One of my first questions is always - "what are your specific goals?"

@Jefferey EutsayIs there a specific aspect of this deal that you are hoping to get advice on?

Also, consider creating a JV agreement for the specific opportunity you and your new found partner decide to pursue!

Great advise Kim