Quote from @Reed Rickenbach: John - as long as you are still following strict screening criteria I agree for single family.

There was a time when SSN's were routinely disclosed on our rental applications. 

I know in my area they can require it, and we are nowhere near as strict as NY. 

Start by understanding your building’s rules—many co-ops and condos have strict renovation guidelines and require board approval.

I routinely monitor my STR 600 miles away from me.

How strict are the licensing requirements, and are there any recent changes in city or county ordinances to keep in mind?

Since you’re considering converting the upper unit into a short-term rental, you may also want to implement strict rules around smoking or strong odors in your house rules to avoid future issues.

While there's no strict requirement to match the original mortgage terms, reinvesting the full proceeds without financing or using leverage to enhance returns is key.If you don't reinvest the full amount, any shortfall ("boot") will be subject to capital gains tax, and depreciation recapture may apply.This post does not create a CPA-Client relationship.

Yea this is a long-term personal play more than a strict STR deal. 

In New Hampshire, title laws are strict, so we couldn’t move forward without obtaining a signature from a living heir.The title company dug deep and eventually located a distant relative—a niece of the deceased owner, two generations removed.