Just pulling something from the internet (don't trust everything you see so take this with a grain of salt I'm not a lawyer): "If the building in question isn't officially designated as an SRO or hotel, it is illegal for landlords to rent individual rooms to tenants for a number of reasons, including that it could allow landlords to evade the maximum rent permitted by the Rent Stabilization Law and Code."

With excitement in the air, they gather around the table to sign the final documents that will officially seal the deal.

Another question if you are not satisfied with an insurance company is there an official organisation you can approach. 

There was some pushback from city officials to open the gates to allow investors to buy Arvada and so they allowed individuals to buy up to three short-term rentals and rent them up to 240 nights a year. 

It is not. 200-300k won't get you too far and because of how dense Staten Island is in a lot of parts, new flippers don't know what they are signing up for with neighbors and city officials.

It offers convenience, a physical address for official docs, and some extra perks.

Officially adding 5-6 unit properties to my search!

(Adopted 1/95, Amended 1/07)Actually, using these terms the tenant can't be your customer if you are a legal PM because you are an official agent of the owner, i.e. it is as if the property is yours to rent out and you can legally obligate the owner into contract with the tenant.

Then if the LL agrees to the LOI terms you’d draft the official lease agreement that includes all of those terms for due diligence, feasibility, permitting, construction, rent commencement date, etc. 

I may not have a license to do appraisals and have never done one officially, but that does not mean I do not know what it takes to produce one or that I dont know about the guidelines and regulations placed on appraisers.