Not at all looking to stay strictly in the NYC area; have been looking around at markets in Long Island, Upstate New York, New Jersey, and the surrounding region.

Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

We pull comps all day long and are very educated on market demands and pricing.

Using a HELOC isn't a bad way to go as long as the numbers make sense. 

In particular know exactly what you negative equity position will be and how long it will take at conservative cash flow numbers (near 50% of rent going to expenses other than P&I).  

We have 17 properties and the long term we do on ACH, but frankly, ACH set up at our bank is so cumbersome that I stopped using it for the mid-term market.  

How long can you weather a storm?

I think too many people get into this and struggle for too long before realizing that they not been properly trained and potentially could have dramatically shortened the learning curve.   

Mashvisor – Helps compare long-term vs. short-term rental potential, especially useful if you’re weighing both options. 4.

If you decide to take the partnership from a trial, to an ongoing long-term partnership, then get the attorneys involved and create an ironclad, partnership.