One is under contract in which I plan to 1031 into something larger and the other I just plan to keep as the contract expires soon.

We also allow users to amend a post at any time with additional information by replying to that post again, just like what happened here.We have no plans to change how the forums work as it pertains to the deletion of posts. 

To do this legally, I know plans need to be drawn and submitted to the Planning Board.

Dennis' dad and I actually tripped over something similar back in Chandler.. we learned to tap into city planning websites and even call the permit offices directly to get a real sense of their backlogs.

NYC laws around rentals—especially short- to mid-term—can be tricky, so you’ll want to avoid any compliance headaches.The biggest challenge with this plan is finding a rent-stabilized apartment that makes financial sense and actually gives you breathing room.

@Patrick Braswell Got it. just didn't want you to spend all the time working with your family members if the bank won't approve a HEL.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

But in my experience, you would be better off spending that same amount of time/hustle working a second part-time job with guaranteed income, then investing in buy-and-hold properties. 

They take good care of the properties, but there's not enough attention given to pricing strategy and they spend money like nobody's business (not a problem when they were spending their own money on the master lease model, but a BIG problem when they were suddenly spending OUR money as the PM).

Could be the best money you spend on the deal!