Understanding that you're in New York and the laws are leaned to be tenant friendly, I would still say this is the best way to go about it as a new investor.

@Joseph Binkowski - this seems overly complicated and possibly breaking a law... maybe you need a lawyer to vet this.If I were that accredited investor, I wouldn't touch any of it.

This year, the State Legislature gave all counties the authority to change STR's laws however they see fit.

Luckily for me the state of Florida has state level protection which bars municipalities from passing new or amending their existing laws.That said, I am seeing cities like City of Saint Pete crack down and are enforcing their laws for the first time in years.  

If you are a legal property manager in your state the owner should have the unfettered ability to allow you to act as his/her agent to enforce the lease, whatever provisions they may contain plus whatever your state laws allow.

Your state law and notice can be found online. 

Yeah the law changed I believe back in 2020.You cannot do short term rental with an HPR unless you own both sides.   

You still have to comply with all relevant laws.  

Because intrastate (single state) offerings must still comply with that state’s securities laws, and because with the internet its difficult for offerings of any size to be limited to investors residing in a single state, the exemption for private placements is the exemption from registration most often used. 

Take courses or read books on real estate principles, real estate law, and real estate finance.