Some carriers won't allow insured to be a trust, so in that case do it in your company name with trust as additional insured.

In addition to the interest of the loan, you'd also be paying this as well. 

Plus, we like to make it fun so there will be 2 evening events, in addition to all the daytime sessions.

You can later transfer the property to the LLC, but be aware it might trigger due-on-sale clauses or additional costs.

The only additional thing we do is send them to collections.

You will likely need to rehab for any strategy but Co-Living will be more bedroom additions which is less cost compared to kitchen and bath remodels that are more needed for furnished rentals. 

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.

So it sounds like me you built additional equity into the home your living in now.

I'm new here to the BiggerPockets site.

Additionally, Fannie Mae and Freddie Mac will sometimes temporarily suspend the income cap on their HomeReady and HomePossible programs, which allow purchases with 3% down.