I am in my mid 20s and have saved up around 200 - 300k and currently reside in Brooklyn. 

Depending on the type of strategy and the financing, reserves can also differ - whether it's a short-term rental, mid-term rental, conventional, DSCR, etc.In general it would be:downpayment + appraisal + title fee + escrow fee and prepaid + lender's feeFor rentals, you would usually be required to have cash on reserves for a certain number of months worth of PITI - typically anywhere from 3-12 months.

That rate is crazy high and you should be in the mid-6's for this scenario with no points.Best of luck!

The properties I deal with are buy and hold properties, I typically do short-term & mid-term rentals that is my bread and butter airbnb, vrbo, etc.

Is there a market for furnished mid-term rentals (i.e. travel nurse, insurance company, corporate housing) where you can generate above market rent and positive cash flow?

Your main difference is that you have to outlay cash to furnish short- or mid-term rentals, whereas you do not for long-term rentals.

Stable tenants.I'm considering a mid-term rent-by-the-room strategy, which works really well with the demographics here, and it increases cash flow compared to renting out the whole place. 

We use Hostfully to manage our mid term properties.

If you are looking for immediate cashflow, I'd encourage you to explore short term rental or mid term rental investing.

You could expect rates in the low to mid 7s for a One Time Close Construction Loan.