In highly touristy areas like lakes or vacation spots, an STR typically generates higher income from short stays but may not attract long-term tenants due to seasonal demand.However, if the property is in a more versatile location, such as near schools, businesses, or urban centers, it may work as an LTR, providing steady income and fewer management demands. 

Unfortunately, providing low-income housing in a state like New York is not just a thankless job - it is the kind of job where you will get kicked in the teeth, knocked on the ground, stomped on, p*ssed on, and then left for dead afterwards.

Most are paying cash, so you’re absolutely correct that you need to have a good strategy going in as a buyer.

Whom am I to believe, you, a professional in the business for 10+ years with a verifiable track record of success and a willingness to provide information based on your experience and education at no charge, or my guru who has never run a note business and has been banned from the securities industry for life for violations related to stock dumping 6 years ago?  

We Syndicated the deal and provided a nice return for our investors.

I am fine living in it for the first year or two and have a current roommate that will rent from me for as long as we live there, so I am not too worried about negative cash flow in the first year.

If possible, I would look at the building to see how easily I could merge 2 spaces together, providing a tenant a 1,400-1,500 sf space complete with a small 150-200 sf office w/bathroom, and the rest shop space.

You can also provide multiple invoices to show no dramatic drops in usage, which would indicate the heat was still on.If the landlord doesn't have a bill, that may indicate the utility was off.

I currently have one SFR rental property in Indianapolis and looking to expand into multi-family, mainly for the purpose of more cash flow.

How do you want her to leave....hey if you'll get out by Friday and leave your room clean like you got it, I'll pay you $500 in cash, because no one is happy right now.Good luck....it's not easy.