@Bob Asad, that is sort of right. 

So, the town of Ithaca (which is a sort of donut surrounding downtown) passed restrictions on STRs a few years ago.

etc... are there professionals who specialize in this sort of deal, talking to the bank, etc... a realtor or lawyer or someone with the right connections to the bank? 

Wife is from Baton Rouge but her parents are moving, we want to keep some sort of connection to the area but doesn't look like having a duplex rental that we can rent out for cash flow is possible.We were even thinking about a triplex and keeping one empty so we could use it when we come and visit but again the insurance is upsetting

Hello @Breanna Green,I recommend first determining your financial goal and then selecting a location that best supports that goal.

I selected the applicant that I thought was best fit. 

Basically, they do not want lawyers to deduct the cost of law school and doctors to deduct their medical school - which sort of makes sense. 

If I understand this thread correctly, you (the buyer) have some sort of contract interest in the property rather than title to it. 

Like others said, be very careful when selecting contractors.

GC's work on all sorts of properties.