No need to guess fnma makes guidelines available to everyone. https://selling-guide.fanniemae.com/Selling-Guide/Originatio...Do It Yourself” OptionThe “Do It Yourself” option is available for renovations made to one-unit properties by the borrower.

I'd recommend checking out both Furnished Finder Traveler Search (https://www.furnishedfinder.com/housing/New-York/New-York) and Airbnb/VRBO 30+ day stays to see what is in your area currently. 

My personal advice is to stay as far away from this man as humanly possible.

My friend said even if this person could be struggling and be late a couple of times a year or may not make 1 month rent once a year, since she is a long term tenant per her past and paid her rent without fail every month, and is motivated to make the new rental situation work for her financially, long term, if she stays 5 years, although occasionally could struggle a bit, I still will do better than most other tenant choices (frequent turn over, etc.)My rent is still covered by my past tenant at the moment even though the property is vacant as the Lease has stipulations for that the past tenant has honored faithfully.

Unclear if the lien has expired, and if surplus funds would go to the COA According to the COA State laws i found this:Thelien is not effective 1 year after the claim of lien was recordedunless, within that time, an action to enforce the lien is commenced.The 1-year period is automatically extended for any length of timeduring which the association is prevented from filing a foreclosureaction by an automatic stay resulting from a bankruptcy petitionfiled by the parcel owner or anyother person claiming an interest in the parcel.

We organize and manage the project with a good moral compass to guide us.

If you could provide a general overview or a step-by-step guide at a very high level—focusing on vacancy rates, capital reserve expenses, expense ratios, and any other crucial details—it would be greatly appreciated.

True, Being a IT guy, Maybe I just like to talk to people in person :-/But you're right, I should stay open minded and be open to all options ..Thanks Marc

Also adding to the resources is this 10-part guide on DSCR Loans published on BiggerPockets!

You will have purchased the home under conventional guide lines and then have "No restrictions" on going FHA to buy the next home.