@Brady HerbaughIf you decide to house hack, set up a separate bank account to deposit the rental income and pay rental related expenses.

Not to mention higher vacancy & capex you would need to account for.

I have transferred the last month’s rent to my account and the tenant still owes most of July and full August’s rent.  

Study the market.

Also, make sure your accountant knows how to add the cost seg to your tax return.

Buildium is a property management software and quickbooks is accounting software. 

Which appliances can I include in the study and on what cases?

@Jennifer TaylorYou can create a new LLC, a new IRS Employer Identification Number and open a new bank account just for the cottage.

Being 1.5hrs of NYC gives you a lot of options, even Long Island (which typically has more options for public commute into NYC).Give me a shout if you'd like to chat more, I have a handful of case studies on my site as well from deals I've closed/brokered that match the househacking criteria you're aiming for. 

Along with connections to IELTS Testing firms in India we have began what we refer to as a "pipeline" for international students looking to come to rural parts of eastern Canada to study.