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

Your state law and notice can be found online. 

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.

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.

You still have to comply with all relevant laws.  

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.  

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. 

Keep in mind that while there is an exemption to the Fair Housing Act.....most states that have a state level Fair housing law do not typically provide the same exemptions as the national law.

Disclosure laws vary greatly by state.

They are above the law lol..