I'm particularly interested in hearing from those who have experience with luxury short-term rentals.

The additional availability of diverse lodging options helps enhance the citys competitive position to attract such events that spark the citys economy and STR guests are more likely than any other visitor to support local business."

If the average stay is under 30 days it is considered "public lodging". 

The outcome is going to be a beautiful luxury 2 bed 2 bath rental property, with spacious bedrooms as opposed to 3 closet side bedrooms.

Hello @Raj Ajrawat,The classifications are based on age of the property as well as amenities.Class A properties are typically new within the last 10-15 years, have luxury amenities and low foretasted maintenance costs.

Points that stood out:ferry ride is 30 minutes just to get to the tip of Manhattan, so Midtown is an hour ride giving LIC a huge advantagethe rush hour crunch at loading at either end of the ride isn't that pleasantthe Verrazano Bridge toll is $16 cash, which makes it a bit awkward to invite family / friends over on the weekend (compared to areas served by free bridges)the local supermarkets are in less developed areas which requires venturing out of the luxury bubble (which will probably change)What I found is that people looking to rent on SI already have some connection to SI (which means avoiding the bridge toll issue and familiarity with the commute).This is not necessarily a Bad Thing. 

I put   5% down and seller financed the balance.The next one was a two unit in Nevada City- main house and cottage for $575K - kinda a high end rustic luxury unitsThen another was small 2bd 1 ba downtown Grass Valley home for $300KAnd.. .I'm about to go into contract, hopefully on a home for $370K that can easily be turned into 2 units  It's the hottest market it's ever been here, and this property started out at $450K, then they reduced the price and it's still sitting because it needs work, and it located in half residential and half commercial area, plus on a busy street - so not ideal for some looking for a single family - but fits our STR needs perfectly.

I have a low house, a medium house and a luxury house. 

I am not saying that I will hit the ground ruining as a high end custom luxury home builder or that I am going to build a 500 unit commercial apartment complex. 

From a lending standpoint in the US, I preface by suggesting to have a chat to your accountant, but i do believe once you have lodged 2 positive tax returns with the IRS through your LLC, you do build enough of a credit score to access conventional funding.