I am still pretty new to the area but I am ready to jump in and start investing in multi-families in the Albany and surrounding areas. 

Does anyone else have examples of this happening in the past in other places?

Typically people think FHA because it's what's thought of as the least amount down which is commonly the goal when we all get started.

My name is Duncan Forbes, I am starting my real estate journey in Westchester NY.

You do that, it's going to be best place to start because I am betting from there you will seek how to simplify things. 

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

Long story short they finally got out and it was time to start over again.

Quote from @Aristotle Kumpis: Phoenix, San Antonio, Charlotte, Jacksonville are places I like more.

Renting out a room is a great way to get started, and I wouldn't get too settled into the "going rate" use that almost as a floor. 

Let's connect soon.We just went pending on our next place in McMinnville.