If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally. 

Then, if you could cut 30" out of the top elevation you would be in compliance. 

@Jon DawesI personally prefer liquidity and flexibility and like you said so many variables which is why it's never clear-cut in personal finance.  

If this is a refinance, a lot of lenders are looking at values more closely and will either agree with the appraised value, require a secondary report, or just cut the value all together. 

Could be a certain neighborhood that is being improved or just the edge of town. 

Been watching this market a little bit from afar, and can’t believe the massive price cuts!

After speaking with him about everything that popped up I became weary & questioning the work performed.Once he left the property I decided to cut into the sheathing and discovered all of the rotted out wood was still there.

Source custom-cut 1.5" minimum diameter rods that are continuous length (not the expandable ones as there is usually a gap in the metal that fabric can get caught on).

I am thinking of cutting ties with the PM. 

Conceptually think of house hacking in the NYC metro as a reduction in rent.It all boils down to the numbers, but if the direct property costs (mortgage + insurance + tax + capex/repairs + vacancy) - the income (rental income) is less than your rent, you are effectively saving yourself money, aka "rent saving"I did this in 2014 in Westchester county (different location, different time, different market), but effectively cut my rent in half.Regarding Basit's suggestion, I would follow this ONLY if your cashflow from the other market is greater than the "rent saving" in NYC on a per dollar invested basis.Joe