Overall the positives outweigh the negatives in my experience and what you lose in nightly rate you make up in occupancy/overall income and ease of management. 

Connecting with local experts like real estate agents, contractors, property managers, and investors can give you valuable information and support.

I found an opportunity to purchase a property that would cash flow approximately 100 dollars a month in Texas including property management fees among all other various expenses with a tenant already on a lease.

Local real estate agents, property managers, and other investors can provide valuable information about specific neighborhoods, including which ones are on the verge of growth or are expected to see increased rental demand.Lastly, always perform thorough due diligence on any property before investing.

There are two property In queens that my family owns and I manage!

It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play.

Hi Suzanne, I'm a Realtor and Property Manager in Huntsville AL who specializes in working with investors!

I would also highly recommend you educate yourself on New York State tenant/landlord law, especially if you plan on self-managing.

In fact my former employer who owned and managed a portfolio that exceeded $1B utilized an asset protection system more simplified than what you propose.

But proximity plays a role to.