I am thinking long term in planning what is best for my specific situation. 

So if a note investor bought this for $40k, spent $10k to foreclose and be in it for $50k and end up with a $25k property - they will not be in business long. 

First of all, you picked a great PM with WHM - Ed has been running a very good business for a long time! 

If you're a long term buy and hold investor, the opportunity here can be awesome as you can likely get into this transaction for far less down and/or for a lower monthly payment than a traditional lender would allow for.

How about in long run with split system.

So the basic laws in NC only require 30 days notice for a year long lease, however most leases for apartments do state in their leases that 60 days notice is required.

Hello,We are first-time buyers looking into STR investment in Long Island.

I remember speaking to someone looking to do this sort of conversion in Scranton before and this is what they said they were coming across in terms of issues.

There is a more long term order they can get.   

Also helpful to know your short term 1-5 year goals and your long term 5+ year goals as that will make a difference.