Single family homes are exempt from rent control when privately owned.  

The concern with places like Irvington will be once you move out and no longer owner occupy how do you raise rents legally.   

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

If 1 tenant isn't paying rent, at least another tenant will.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

If you are single, look for uneven multis where you can live in a small unit and rent out the bigger one (e.g. - 1/1 and a 3/2 instead of 2/1 and 2/1)2.

All things being equal, I would accept these applicants, but I would require them to pay a deposit equal to two months of rent.

From what I’ve seen in Forbes, the infromation on market trends can also help pinpoint the best neighborhoods.One last piece I’d consider: do some legwork on rent comparables in the area so you’ll know your break even numbers from day one.

The tenant who occupies the property pays the rent.