The strategy is built on your own personal cash flow commitment.

If this is your first venture, your presence at the property will be very important, there is a learning curve, factor in your travel time and other commitments.

Keep in mind rent control is 1 thing, its a laws for existing tenants but some city's like Newark are so strict that you must get approval for what rent can be even after a tenant moves out and new ones move in. 

There are so many gurus online pushing 0 down loans, and it simply does not exist if you have no experience, assets, or reserves.

Set the second thermostat to whatever you consider the minimum temp to be - I would use 55º - and electrically parallel the existing and the hidden thermostat.

Calculate expected returns, costs, time commitment, etc.  

It may create a problem for you later if your bank discovers the account is owned by an LLC that no longer exists.

Have you gotten any term sheets or commitments about this yet?

But the stigma behind crime still exists, like any city, so it's important to screen tenants.

I managed STR with my sister twenty years ago before Airbnb existed.