Don't get me wrong, you can make good money with STR, but having a property already to your name with some experience of being a landlord will only help - and you will already have a property under your belt.Good luck!

"Putyour money where your mouth is."

If you like the home, area etc, you could refi and pull out the same amount of money.

Wouldn't it make more sense to raise money privately?

Managing the property yourself can save money, teach you the ropes, and give you firsthand experience dealing with tenants and operations.

Look for some of those to go in as an LP (limited partner) and learn and grow your knowledge, skills and investment money so you'll be ready for the next accredited deal. 

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

we would have paid the 10% deposit and have had zero legal recourse to get the money back.

I guess it can save you some time managing, for example one tax bill, one insurance bill. 

I'm sure he could give you some pointers on setting up a business and creative ways to save money.