It depends on your appetite as an investor and your management style and expectations.

There's a lot of people who have an appetite for it and are successful but with that clientele the risk increases.

Really comes down to your appetite for risk. 1) Is the seller the original owner of the CFD?

My financial advisor is boutique and is connecting me to private lenders which sounds promising but who knows their appetite.

When it comes to the actual purchase, you might be able to {gradually} purchase shares of the business (depending on how it is set up and the appetite of the owners) rather than an all out purchase.  

The limit on the line will mostly be a function of the CLTV on the property, your DTI, and the lender's risk appetite.

Out of state Investors who have appetite for the NY area market and surrounding should reach out. 

I agree with @Vaughn Smith that there is an appetite for renovated properties in Bloomfield and that it will bring added cashflow. 

There are obviously a lot more factors that go into it - real estate is always going to be a mix of the tangible property/market itself with a mix with the investor/operator including experience, risk appetite, financial situation etc.I would say however if you are just getting started in real estate - LTRs are probably (in a vacuum) the better bet as STRs are certainly more sophisticated and challenging from an investor perspective

Doubt things stay linear, but we need market suppression for at least 2 quarters and/or into non-peak times during RE--at minimum 2 quarters.