I plan on doing most the renovations myself which requires equipment (such as tools).

A true Portfolio program offers a 15% Down for any SFR or up to a 2-4 Unit Multifamily but requires proof of some sort of income.

NYC DOB considers a shelter a 'community facility with sleeping quarters' and may require a special permit for this use.Thanks Abel, You provided me with the right search terms to dig deeper. 

They were required to provide proof in the form of a receipt by a certain date or I would order the cleaning and bill them.  

If the rental income doesn’t sufficiently cover the debt payments by their standards, they’ll limit the loan amount, even if the property is worth more.You could try a few alternatives:•Look for lenders who specialize in commercial real estate and have more flexible DSCR requirements.

In addition to those above-referenced issues related to conversions, the additional unit(s) would require a parking space and enough lot area/gross floor area to meet the requirements in 9-703. 

You may get the properties for a good price but know what the code violations are because you will be required to bring the property up to code.

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

Well worth the money, plus you will have already factored that expense in to your cash-on-cash requirements to justify a purchase decision)4. 

Not sure if it's worth it to gain the extra appreciation while also having to manage multiple properties that are a bit of a drive away and have unknown maintenance requirements.