@Keiko Bake It'd take a lot of digging to really provide an ideal, workable suggestion. 

Ideally I could run it as a vacation rental, should that not work I believe I'll have to sell it. 

Ideally, we would love to house hack and utilize an FHA loan to have extra cash in our pocket to rehab the property.

It should be complted by 2017I was wondering if its a smart ideal to invest in rental property (duplexes/triplexs) near the area?

My ideal property would be in the periphery of downtown Orlando (32803, 32806, etc.) on the edge of already-gentrified areas like Delaney Park and Lake Como.

However, if he encumbers the or your property, now you are assuming additional risk, what if he drops over and is incapacitated, blabbering in a nursing home from a stroke and his loan is foreclosed, you could lose the property.

Of course in the ideal world, you'd hire everything out to get in and out of the project faster. 

If you are looking at condos, vacation properties, etc (the type I deal in and that investors also like), you run into non-warrantable properties more often than not.

@Emily Horton welcome to NY, I'm curious as to why move to NY, I hear Texas is seeing such a bloom in population growth. westchester is an ideal area as it's just outside of NYC, very expensive area however u get alot of people moving out of NYC due to affordability. from what I've been watching on the mls, alot of the multi family's need upgrading and so, I've seen a few foreclosures hit the mls recently as well, good luck on ur new venture may u decide

Ideally, I do not want to carry any baggage of partial payments or missed late fees into the next cycle.