Also it’s in a development which could lead to future ownership of other units adjacent to the property.

Since less people are into owning their own homes, developers have been building these huge complexes with just enough perks to push for rents that most locals won't pay... unless they are either older and do not want the house maintenance costs anymore, or if they are younger buy from the city where moving further out seems like a better rent.Side note: I've dubbed Long Island as the land of illegal apartments.

I tried Proper Insurance, as they seem to have some specialty in short term coverage, but they will not write a policy that includes shared spaces between the tenant and the short term sub-tenants. 

It was getting cold he said ok I also explained to him the outside ac  fan had a Edison summer saver plans which turns the fan off at certain times he under stood but wanted the box off so I called Edison And had the box taken off problem solved .a week after  i got a call from tenents saying they got a message via text from the water company stating continuing runner water possible leak.so I went noticed they were running a swamp cooler 24/7 they said the ac bill was high so weve been using a swamp cooler,and they filled up a above ground pool .i asked them did they call the water company to let them know of the pool fill up they said they didn’t.i called the water company to talk to them about the running water text my tenants got and explained to them  they run a swamp cooler that runs on the water faucet and they fillled a pool ,and all the household water use from  big family.the water company said that’s why there getting that text.they also said that for me to talk about there account water usage they have to call and give permission so I asked the tenants they refused.its gets better,I get another call from the tenants now sayin one of the toilets are making a noise.so thinking the worst I go just a stuck handle.so while I was here I th ought I might as well change out  all fill valves and floaters for all three bathrOoms so I did.was there a few hours making sure they were running properly and leaks.i remind you that was on a  Thursday.on Monday my tenants send me a bill via picture text from  a plumber saying all toilets leaking cleaned out all fill valves because they were clog and put in new flappers leak fixed.i asked the tenants why’ didn’t he cal l me he  had no excuse,so  I called the plumber he said they clogged  and he cha changed the flappers.so i come  Back how’s that if I just put all of that new four days Pryor on Thursday he couldn’t answer me free.now im getting I’m not  paying  my water bill because of the leak.now they sent me there water bill .with previous charges from there old residents claiming it as part of  a leak.do they think I’m stupid,there clearly trying to scam me.they won’t  Give me permission to talk to the water company and  the plumber is his good friend.

Assuming that all the proper documentation and procedures can be hashed out ahead of time, it still doesn't seem to be much skin left in the game for this to be a truly solid Sub-2 deal.   

@Kevin Jones Hey Kevin, I used to do some development and investing and now I am mostly focusing on agency.

One risk is that you could end up investing yourself into a JOB if you don't stuctire the day to day operations properly!

There has been a lot of development here in the last few years and a lot of tech jobs coming to the area. 

That being said, a large developer may have to update or put some money toward roads and traffic safety in order to get approvals.

Some investors bank on the value of a property going up if there's development aka gentrification going on near the property but that's still very risky.