So his 12% rate on 10 mil of loans jumps to default interest rate of 19%.. and long story short they cant work it out and he ends up going BK and losing all his business..

I'm looking to do a house hack and open to doing STR, mid-term or long-term rentals.

Our focus will be long term buy and hold multi family units.

Is it because the rent ready’s are taking too long, or we have very little turnover.

Have a few lenders currently that will loan 100% of the purchase price and rehab, as long as the total loan is below 75% LTV.

While I understand that I come from a fairly long and hardened institutional background, I am absolutely astonished by their apparent commercial success.  

New York City is an excellent market to invest in - but you need to manage your risks accordingly and have a long-term focus. 

For the first 6 months I ran it as a Airbnb after that I converted it to a long term rental.

For the first 6 months I ran it as a AirBNB and after 6 months I converted it to a long term rental.

when partnering with people on a Joint Venture deal make sure to thoroughly layout all aspects of the companies operations and ensure that a clear understanding is made as to who will oversee what. taking the time to find the right partners can go a long way when the going gets tough or feelings get hurt. initially the deal involved partnering with a hands off venture capitol group but luckily an owner of a nearby carwash offered to go in on the deal instead and provided his industry expertiseDid you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?