Based on the scenario, I would start by researching construction loan options.

I would like to add that in many cases in NYC, "no fee" means the unit is listed directly by the owner on Streeteasy etc., as opposed to the landlord hiring an agent and paying their fee. 

Originally posted by @Andrew Ziebro:I signed up for TLBC in October, 2016 after being pitched for it at the Flipping Formula seminar. 

There’s a tremendous opportunity to uplift neighborhoods by providing quality single-family rental housing.

You do this by showing a hardship that is not self-created. 

You can tell by looking at the growing population and job market.

A common issue is supply and demand effected by population changes, construction, economic issues, the job market and location.Personally I haven't seen vacancy issues at this time,  but I have gone through cycles of vacancy issues.

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

If he agrees to let the other person move in, make sure you put that in writing and have it signed by all parties.

A Cost Segregation Study was performed on a 2-story, 5,237 square foot Office Building located in Louisville, KY that was built in 1946 and purchased by its new owners in 2021.