Hi Joel,I am interested in start doing the same as you to be using it for medium term rental (28+ day stays) arbitrage in GTA (as short-term rental stays (less than 28 days) are restricted).

Having said that, the federal government put a restriction on buying houses if you don't live here. 

Same goes with restrictions on equipment.

I sent you a private message.I don't restrict certain breeds, but you may want to consider it.

Given your residency restrictions and budget, focus on smaller multifamily properties in counties like Orange, Putnam, or parts of Rockland, where prices are more manageable.

Zoning and Environmental restrictions can greatly effect the value of a property. 

Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.

As others have said, you need to check the regs in the area you are looking to make sure STRs aren't severely restricted.

In a “b” offering no solicitation or advertising is allowed, and there are restrictions to the “preexisting” relationship requirement between sponsor and investor.  

And as we know foreclosure rescue ( which was our bizzness along with courthouse steps purchasing) the sub too foreclosure rescue rent back became illegal in Oregon and WA and highly restricted in CA.