I'm more on choosing higher effort strategies (MTR and STR) to make sure that I get some cashflow on high quality properties.

If your property is north of the 60, be sure to use comps north of the 60, and don't go too far west, either. 

You may actually have it worse in NYC as opposed to the rest of the state, make sure you look up the exact laws and/or speak with a lawyer.

Just make sure your personal use doesn’t exceed 14 days, or 10% of the rental days, to maintain its rental status for tax purposes. 

I don’t know how hard th IRS would frown on it but I’m sure it’s done all the time out in farm country. 

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

Making sure you are doing this in a house and community that will warrant it too. 4.

I'm not sure if the contractors are trained to exacerbate every single problem or not.We recently discovered asbestos in the compound joint.

But I would also make sure that you get a sewer lateral scope done to ensure the cast iron piping is in good shape. 

I make sure I screen each potential tenant thoroughly (background and credit checks) and require references.