I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle.

You can make more through co-living in most markets, but still likely to be better off house hacking 1 / year and then buy out of state with your extra cash.If you want to chat strategy with someone - feel free to PM me or reach out to contact info in my bio!

(Especially a 2-4 unit.)Do they have friends/relatives/co-workers that would rent rooms from them if they bought a property to show more income?

Do you plan to get a job in NYC and network with your co-workers?

My dad is a co tractor and has a guy for pretty much every modality in construction.

I can see the OP giving this a shot.. but it is risky he could end up making a few bucks and getting experience might just break even or he could take a loss.. that margin is very thin in markets that are not selling as soon as you get CO  thats been one reason we have been profitable very few homes have been carried past CO so financing cost are at a minimum.. you hold a spec home 6 months past Co and every month your losing money you will not recover.

a calculator LOL, and we use a service co , 

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

I specialize in creative rental investments such as STR & co-living. 

I'm the Co-Founder at Obie and there's been a few times in this thread that a similar question has come up.