Once we take over the property, we were thinking of signing a 3 month lease with an increase in rent (still not market rent) and after 3 months will increase to market rent and have them make a decision if they would be willing to stay or not. 

But ultimately, balance what works best for your finances and your life goals.Good luck with your decision!

While the wealth of knowledge and experience on BiggerPockets is wide and deep, I would not trust a decision like this to the internet, I would ask you CPA and if you do not have one find one who specializes in this sort of thing.

I think deciding between cash flow now vs long term equity growth that is typically safer, is a decision you'll need to think on before making a purchase. 

While it’s not Upstate NY, if you’re ever curious about diversifying or want to compare strategies, I’d be happy to chat.Best of luck with your decision, and feel free to reach out if you’d like to discuss further!

I started vacation renting my home in 2010 back when no one knew what VRBO was or vacation rentals and it has been the best decision for me on so many levels. 

I would avoid investment decisions based on promo interest rates or builder incentives.  

Make sure you check your state and local laws before making a final decision as you don't want to violate state and local landlord/tenant laws.  

Understanding the nuances involved in each investment decision deeply and weighing these factors according to your investment goals and risk tolerance is essential.

I would reach out to local people in that industry and inquire on what they are currently paying for property space to inform your decision.