How do laws like this consider a requirement for the income to be 3x rent?

You could be looking at anywhere between $ 50K and  $ 120K  Depending on the site and permit requirements .  

It is interesting that Sevier County TN (smokys market) has a new more intrusive ordinance requiring inspections.

If it was a 12 month lease, I wouldn’t require a monthly cleaning but at 6 months, I would like to make it a requirement.  

Prepare some money upfront because that would be required prior to final settlement.

However, they require 25-30% downpayment on your first rehab, which goes down with every rehab project to minimum of 10%.See if you have way to pull some cash - 401k, home equity line of credit...I am also on Long Island and looking for properties that I can rehab.

@Sean Quinn The majority of loans to real estate investors are done to LLCs, but they are underwritten using your personal FICO score and most require a personal guaranty, so the "corporate shield" won't apply.

Make sure to get it installed with a 3-way bypass so that even if you remove the filter, you can still have water to the apartment by turning on the bypass valves.US EPA requires city water companies to have 1 ppm of chlorine concentration at the consumers faucet so that there is no danger from waterborne microorganisms.

STR requires more work than MTR and being in another state will require a manager.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.