First thing is to go to your Bank and get Qualified for a Loan.

The start indicates "Affirmative Habitability Requirement per 24 CFR 5.703(d) and NSPIRE Final Rule"Does that mean having a fridge and stove are requirements to qualify for Section 8?

Given your situation, you might want to explore refinancing options or a home equity loan to cover the renovation costs.

All available loopholes, which allowed deregulation of units were, unfortunately, closed by our elected officials, except the substantial rehab strategy, which requires 80% vacancy throughout the building and 75% replacement of all building-wide systems, you are essentially forced to renovate the complete building and still at the mercy of DHCR.. which has the final saying

Ensure that the net operating income (NOI) meets your investment goals.Future Developments: Investigate any future developments or infrastructure projects planned for the area, as these can significantly impact property values and rental demand.Financing: If you are planning on taking out a loan to purchase a property in this area it is imperative to make sure you are getting terms that align with your investment objectives.

I am looking to get into the real estate world in the short term with the idea of "house hacking" a duplex-quadplex with an FHA loan to start in the world of landownership.

This can mean additional costs for repairs and maintenance to meet these standards.Administrative Burden -> There can be significant paperwork and administrative work involved in maintaining compliance with Section 8 requirements.Please reach out to me directly if you want to go deeper into the subject, especially on the financing/loan side of things!

Conventioanl loan How did you add value to the deal?

Ward, et al. which changes the licensing requirements for parties who are the assignee of a home equity line of credit (“HELOC”).Crux is the state is saying Mortgage Lender License Required for Installment Loans Where Installment Loan is Secured by Residential Property even if you did not originate the loan.

You will be be responsible for the transfer taxes equal to the assessed value, plus deed preparation fees and if there is already a loan, that adds another layer of complexity.