A good friend of mine is willing to sell his home to me for 260K.The challenge is I am self employed with 1099's and most banks I know are kind of iffy about 1099 people.I am wondering if there is any alternative to getting a 30 year mortage?

So we're staring at several months that are normally when our busy season start ramping up... and we have no income at all, and some substantial overhead (mostly in terms of mortgage payments)While we have even discussed turning these properties into LTRs, I fear that in the current climate in NYC, this is not the time period to start a LTR contract.The only idea that I've come up with so far, is to list the properties at a substantial discount for week-to-month long chunks, and to advertise through alternate sources like Craiglist.

Right now, is the stock market going down because is due for one, later on, the real estate market will go down because it just natural.

However, if we can just slow things down we are going to be in much better shape than the alternative. 

Just because people are supposed to limit personal contact doesn't mean you can't try to function in an alternative matter.

@Jennifer Sierchio,  Narrated video walkthroughs as Account Closed suggested are also a good alternative AND/OR addition to a virtual 3D tours and photography (not only for marketing, but also for move in and move out assessments). 

Alternatively, avoiding taxes is not that goal, and you essentially sell the property in the near term to your syndication group and pay taxes. 

So the only alternative is to leave a ton of "lazy" equity in the property.The rest of your expenses look pretty good.

Walking distance (.07 miles) to the Coliseum, new soccer stadium, the Natural History Museum and the soon to be opened George Lucas museum (literally 2 blocks away) Financing Details: I'm going FHA, pretty basic credit only qualify for a 4.307% interest rate. 

There are home equity financing alternatives beyond selling your home and HELOCs. https://business.financialpost.com/real-estate/mortgages/canadian-banks-expected-to-tighten-home-equity-access-as-aid-measures-wind-down