Long Beach has strict rental restrictions for STRs so you would want to make sure you are looking for a homes within the right zoning. 

NY is still great but landlords need to:- proceed with caution- read Brandon Turner's books - implement strict requirements and systems for tenant screening and property management

Sure, your corporate veil protections are tied to how strictly you follow detailed practices, but the IRS could care less I imagine, as long as the return is correct.I mean, so what if you file as S-Corp?

Commercial loans are typically shorter terms with a balloon payment at the end of the term and are more strict regarding the cash flow and investor/owner finances/assets. 

Another option if this is strictly for investment purposes, you could try to go DSCR. we have one lender that will allow for 1-4 units (inv. prop solely) who will go as low as 620 fico, but your LTV may be limited to, say, 70%. qualifying would be based on the rents received, not off your $100k income. there are options out there, keep working at it and get a 2nd opinion even on a full-doc loan. hope this was helpful to some degree!

I'm curious as to how clauses or terminations of the lease are enforced if its strictly verbal. 

Speaking strictly architecturally, a bedroom is based solely on the room's/space's usage.

This could be dangerous ground if full disclosures were not made and state specific laws were not strictly adhered to.

Commercial Appraiser NJ Hi @Adam EckhoffPersonally I would put 5% down on a 4plex and house hack that for a year. then use the remaining $$ you have to buy strictly a SFR preferable with a back house. 

Sometimes listing agents will be opposed to taking an offer with a VA loan because they can have a more strict appraisal but it's still very achievable to lock something up with one.