This will vary based on foundation type and cost and ALL finishes- interior and exterior. 

Often times those competitive markets can be really hard to get a good return, I would start to look in the sub-markets/those that are less popular to find an opportunity. 

I would suggest looking at Furnished Finder (https://www.furnishedfinder.com/housing/New-York/New-York) to see what type of MTRs are listed in you area as well as Airbnb and VRBO for 30+ day stays.

My advice in this type of question is to consult with a real estate professional or financial advisor can also help you make informed choices about investing in that particular area.

I just don’t feel comfortable risking it with the headaches that come with these types of properties.

During Covid  other loan types got modification deals, not so much with VA loans.Department of Veterans Affairs is going to review every file with one late payment and check the deed, check the fire insurance.

Purchase price: $3,000,000 Cash invested: $500,000 this was a value add deal What made you interested in investing in this type of deal?

Since you will be at the property doing the majority of the work, I would hire multiple professionals for the different types of work.

I would start with narrowing down a location and property type and then making sure you are connected with a lender so you are running your numbers with accurate data.

I guess I've just watched too many friends and family members taken advantage of in the past that I don't like to present myself as one of those types.