This is all going to be dependent upon the inherent risk that the seller is assuming and their trust that you will be able to sell in a short period of time for a profit.

Also my credit history is poor (3yrs) , so after I overcome the obstacle of actually getting the HELOC, i would like to avoid major banks and try to do a owner financing scenario to avoid being turned down.

@Max Tanenbaum Hi, I totally see your point and agree that there are multiple scenarios in the property manager / owner relationship that appear to have an inherent conflict of interest, and many times do.

She did it with a guaranteed income offer from a property management company in her area, and I'd definitely look into companies making similar offers if you won't be using the vacation rental too often.How often are you looking to be staying in the home, and do you have any markets in particular that you're interested in? 

Just wanted to get some ideas, thoughts, insight from seasoned NYC investors in here. 

It's just like getting a college degree - - most get Senioritis (get me out of here) but having paid the dues, they can throw all the obstacles the want in the path & I'm going to reach that finish line :)

I know this is a side topic but I do want to know some of the obstacles you faced while you were down here.Thank you

I have spoken with Jillian and she is extremely knowledgeable on the subject and she provides a lot of valuable insight in her book. 

I would to thanks to everyone for having me place in here that I never expect to be here actually.Thank you once again.Edgar

My impression, and the impression I get from the folks that have weighed in here is that it is more dependent on market and location than whether or not you have a townhouse or SFR.