You can't buy a property with a handful of cash (or transfer from a stranger's account) unless the lender can prove exactly where it came from.

You're in business to make a reasonable profit without exposing yourself to liability.

Your renovation experience is a huge plus—use it!

But with this being a 5 unit multi-family building most lenders do not offer a loan product that will take the STR revenue into account. 

Check it out!

I want to track exactly what you do as a service for my investor clients, but not get into property managment. 

If your payment is $2,400/month on a $1.43m value, you should not sell it right now to then buy into a much higher rate.

Short term, assuming the real estate lobby doesn't sue this to keep delaying/appealing, once it goes into effect there will be no more broker fees paid by tenant *unless they hire the broker*Some long term effects I can predict already: - Landlords now having to absorb broker fees will bake this into the rent (e.g. how "no fee" units typically are priced a little higher than other units) - Real estate board will require another document (or checkbox) for tenants to sign stating that they're hiring the listing broker and responsible for compensating them for their fee *if* they apply and are approved- Regular New Yorkers will have an even harder time to find an apartment because you cannot legislate/regulate away a housing crises... 

Once you do this conversion it will be difficult to change it back to a traditional long-term rental. 

It would help if you studied how your home compares to others and ensured it is priced right.