Quote from @Jonathan Greene: Quote from @Jamie Parker: Quote from @Jonathan Greene: Those are video game calculations.

Really simple process to get a term sheet and no upfront fees except appraisal cost that is paid DIRECTLY to the appraisal company.

Quote from @Brian Sarvis: I have started on my Rent to Retirement journey and I just so happened to be starting it with the company Rent to Retirement. 

Since we will be investing remotely, we plan to work with a property management company to oversee day-to-day operations.Does this sound like a solid strategy for a first investment property?

Keep records of everything: texts, emails, photos, videos.

Here is a video that runs down the basics - https://s-media.nyc.gov/agencies/specialenforcement/01-Legal...There is also a prohibited building list - https://www.nyc.gov/site/specialenforcement/registration-law...Here are some more info overall - https://www.nyc.gov/site/specialenforcement/registration-law..All of this makes STRs in the city pretty tough but it certainly not impossible.

The people that run these companies usually come from an "investment banking", real estate, or construction background.

You'll need to hire a title company to find out. 

In my case, I have residential rentals in one LLC, commercial properties in another, self-storage in a third, and my real estate company operates in a fourth.

I know the larger companies around here were charging up to 25% but it will probably vary no matter where you are at.