You've received some great advice on here so far from the other BP members.I don't think getting licensed is the best route for all of the reasons cited by @Brendan Markle.That being said, keep weighing the pros and cons of investing in Philly and NYC and consult professionals in both markets if you need some help narrowing down your options.If you're looking at NYC, I'm 99% sure house-hacking will be your best bet.

Your best bet is to request to be reimbursed based on the sellers hindrance of inspection within the proper time frame. 

If things go south, you can bet lenders and banks will make it harder to borrow. 

We are operating now betting our GDP that herd immunity will work.  2.

I bet young people like that.Many in the STR arena are temporarily going the LTR route.   

Head off problems when you still have the ability to do something about it versus after the cow has left the barn.

I also have some STRs along the coast, and when you compare the cash flow from a long term rental versus a short term rental, you'll see that the STR play will increase your cash flow 2-3x. 

Your best bet would be to contact a local attorney who specializes in real estate investing and go over exactly what it is that you want to do. 

It will all be about smearing each other about what I did versus what you did.  

IF the seller is not rationale, for sure all bets are off.