You should secure that switch (or that area), so you can control who accesses it. 

The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits.

It gives you better control over the process and helps you really understand the market.

Mia - I've seen someone else post about this revision to the UC rent control measure but can't find anything on the city's website. 

If you are investing in a distant market there should be even greater reasoning behind the investment because you have less control and therefore even greater risk no matter what anybody tries telling you. 

I probably won’t structure my next deal this way, I would rather just own the property and have more control of the project.

Or any game that aims to reduce FICA.However, among other advantages, a partnership allows an even better control over your FICA taxes via guaranteed payments - a partnership's version of W2.  

Love to hear that your life is in your complete control now...not someone else's

I think from all my years around these investments where most investors get in trouble is they simply do not realize that once they made the investment they no longer have any control. 

There was also a part of that law that enacts rent control anywhere in the state, which may affect your plans.Make sure any changes you are proposing to the contract are compliant with the "new" New York State housing laws.