It definately could effect that.If you have the STR for a year or two you should be able to  count about 75% of the income so it would hurt you too bad.If you are planning on buying a new primary house within 12 months of buying the STR then I would buy your new primary residence first.

Keep in mind these are all before the new laws took effect in June, which will add at least another two weeks.(1)  46 days from rent demand to eviction warrant(2)  47 days from rent demand to eviction warrant(3)  18 days from rent demand to eviction warrantThe first two, I used an attorney (required in NYS if using an LLC). 

Looking for some solution which will make the building nice, but also cost effective. 

At the time, we were looking at it as a fix and flip, but it needed a lot of work and we had no contacts in the area to get the work done in a timely and cost effective manner.We spent about a month doing research on local contractors and coming up with a budget and time frame for the project.Feeling confident, we began demolition on the home and quickly realized we were in over our head.

When does this law go into effect?

The income can be labeled as ECI(Effectively connected income), FDAP(Fixed, Determined, Annual, Periodic) and FIRTPA. 

With all due respect, it may be that you are not effectively closing them.

My agent emails me addresses that fit my criteria, and I "like" them on Zillow, so whenever a price change goes into effect I know about it immediately, usually before it hits MLS. 

II feel Union City is the one with most advantages for its NY proximity, 3 Bedroom can easily be rented for $2K per month, however bnie mindful of rent control recently put into effect.

Hiring the right property management company is a huge part of the process as the way the leases are written and the effectiveness of the property manager can either help you or sink you.