Quote from @Reed Rickenbach: John - as long as you are still following strict screening criteria I agree for single family.

Do not continue on your own.For your next tenant, be sure you have strict screening requirements and do not waiver from those standards.

Hey Robyn,In NYC, there's no strict requirement to have a bathtub in residential units.

Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

This vary heavily town to town. 20% down is great if buying strictly as investment but if you have a way of owner occupying I would explore that route and apply the 20% down to increasing value of property and instead using low money down loan. 

.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

Don't use it strictly as a tool to turn the property into one you want to live in. 

Underwriting guidelines are more strict than on residential loans, and buyers who might qualify for a condo loan sometimes cannot qualify for an individual tenancy in common loan.

How strict are the licensing requirements, and are there any recent changes in city or county ordinances to keep in mind?

The seller had a good rental history strictly on VRBO & decided to move onto other things.