I would definitely suggest contacting a local attorney and insurance agent to discuss in detail and go over the pros/cons of each.

Are their any pros and cons I should consider with going this route?

If you were referring to online software, there are lots of BP threads on the pros and cons of various products (most seem to be Quickbooks vs Xero).

The pros and cons of are pretty well known and pretty simple in my mind:ProsShort-term furnished rentals, in my experience and in the experience of people I consult with, are more profitable if -- and that is a big IF:You're in a great location where tourists want to stay; andYour property is actively managedactively monitoring market prices and adjusting to ensure high occupancycommitting to a high user experience (i.e. fast responses, impeccable cleaning, etcIf done right, they can bring in 2-3x revenue.ConsIt's a lot of work.

So as a real estate professional I am always wondering what makes a good property manager? Where do most fail? What is 1 total turn off from a  property owner's stand point when it comes to a PM?  (I'm based out of Ci...

I've written to several lenders on reverse mortgages, oneof the problems is that my condo doesn't have the FHAapproval, I spoke to someone from FHA pros whosays that he can work with condo to get it but hewants me to get in writing from my bank forapproval from them? 

Better credit can't hurt when you are approaching your first purchase. but i wanted to know the pros and cons and just some insight from the bp community.

(Yes, I know there's other pros and cons.

Pros would be to generate more revenue and (I believe) claim a larger portion of this repair as a business expense. 

hello @Steph SuttonI'm also from Brooklyn, and I'm looking to purchase a multi fam, (maybe in Newark as well) can you give some insight on your experience in Newark, the pros and cons and would you recommend a new investor starting in Newark?