If you're considering just "winging it" please watch Pacific Heights starring Michael Keaton so you can get an idea of what life will be like inside the same building as rent control tenants whose rent control you are trying to terminate.

Unfortunately, STRs as single family homes are still considered residential assets.

Based on your age & needs, you could consider a variable annuity (stock market) vs a fixed or deferred annuity (more like a long term CD). 

These are something to be considered.

There has been a lot of great info shared already but here are the main themes you should consider with specific questions for each: Loan Terms and CostsWhat is the interest rate on the loan?

I am not sure why you are still considering it.

So, you have to understand your customer as well as part of learning your market. 

To expand, @Ben Whittington, Dennis Doss and Anthony Geraci’s firms can prepare a customized set of loan docs for you in any state. 

I do have an accounting department that handles the payables.  3.Consider a Maintenance/Construction Division (When the Time Is Right): Margins in PM are thin, but bringing maintenance in-house can be a strong revenue stream.

Probably wiser to deploy just a bit more ($1.2 mm - $1.3 mm) and try and get a 3 or 4 unit property via FHA.Jersey City is very hot right now and certainly worth exploring, but have you also considered Brooklyn, Queens or the Bronx?