I am a big advocate of that approach, and I wear it constantly.NY state has been tough for years, it's worse now due to the state legislative accomplishments and (likely) future plans in this arena.

Local officials are pushing for some new guidelines on STR’s and have a public hearing scheduled for end of the month to discuss the new legislation.

I'm looking long term too, if city legislation changes in the future, I would probably want them sub-metered so I don't have to put up utility costs.

Part of me is uncertain of the steps to take to get into Home #2.

There has been some legislation that was targeted at high interest lending on primary homes (Dodd Frank act) which could come into play if you do it incorrectly which carries with it high penalties. 

Also with long term your investment won't be legislated away on the whim of the city you live in.

The New Orleans City Council recently voted on STRs and passed new legislation for them. 

A Series LLC can own property in any state, but some states haven't enacted the legislation to form them, so you may need to have to deal with forming it in another state.This article breaks down the differences in more detail: https://www.biggerpockets.com/blog/the-traditional-llc-vs-the-series-llc-which-is-better-for-real-estate-investorsThe Series LLC is ideal for investors who own multiple properties, since it allows you to create liability protection for each property by placing them in individual "child" series easily.

Thanks for the STR legislation summary.

I tend go in very uncertain if I have rehab costs right and wondering what might go wrong, but pretty certain I have ARV close.