@Justin Kane has the right idea, I would stay out of NYC for investment.Our state government is about to fire a missile right into whatever is left of landlord rights in the city: https://www.nytimes.com/2019/04/17/nyregion/ny-rent-laws-regulation.htmlMost of those bills, if passed, will make NYC and more punishing investment environment than it already is.

@Michael SetuainHere is the current regulation here. https://louisvilleky.gov/government/planning-design/short-term-rental-information

I am currently in the works to use the NACA assistance program to acquire the property.

Property and Loan Details 3 FamilyLocation: New Britain, CTPurchase: $123,000Rehab budget: $55,300Down payment: $18,450 (15%)Loan principal amount: $104,550Total Loan (principal plus rehab): $159,850Appraised as-is value: $125,000 (pre-rehab)Appraised ARV: $255,000Loan Terms: 9.99% for 12 monthsInterest only payments each monthPoints: 3.5FinancingThe hard money lender had a few programs.

They DO offer a program called SONYMA RemodelNY Renovation.

Future initiatives in the area is a little more difficult as you will have to go to local government/news sites to see if they are talking about anything regarding this.

The programs offered are 5/1, 7/1, 10/1 ARMs and 15 & 30 year fixed rates at about .5% higher than the ARM rates. 

I think I'll first try to market it as a 'luxury' student housing unit and will check with the school and their housing program.

Doesn't matter what the scientists say, the government fact is that it's a veggie. - Industry specific answer, in this case the mortgage industry (since appraisals are done to FNMA standards). 

I have a spreadsheet calculator I programmed myself on the 70% rule, detailed to my area on rehab costs etc.