My partner at the time and I were nomads traveling long term.

Or am I totally off, and the seller has to perform the conversion before I can make an offer?

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

Everything comes with a risk but I want to hear everyone's opinions for both states in the long run, thanks in advance It really depends on your style and goals and type of investing.I invest in multiple states and there can be some substantial differences.First decide if you want to do Flips, Long Term Rentals, Short Term Rentals, Shared Housing, Multi Family, Land, Tax Deeds, REITs, Syndication, Commercial and then decide. 

My thinking is increased value and cashflow on a long term hold.

That said having the right tenant goes a long way.

We already have a few mid-term booking requests so just as I thought, my vision of what's possible is coming to reality. 

Trying to keep things simple with long-term single family rentals til I hit my conventional limit then will try different strategies with different funding options.

Then there’s city regulations—some places heavily restrict short-term rentals, so you’ve got to check the rules.If you find the right spot and automate stuff (guest communication, cleaning, etc.), it can be profitable.

A refi makes more sense if you plan to hold the property long-term as a rental.