However, they require 25-30% downpayment on your first rehab, which goes down with every rehab project to minimum of 10%.See if you have way to pull some cash - 401k, home equity line of credit...I am also on Long Island and looking for properties that I can rehab.

Teaming up with folks with boots on the ground is always #1, however if you want to explore a data driven approach to finding neighborhoods for investment then you can check out our Neighborhood Grade Map - https://www.loom.com/share/881e4b16638449e681346885b2f37e95?...

If your using financing the bank requires this.

Prepare some money upfront because that would be required prior to final settlement.

It is interesting that Sevier County TN (smokys market) has a new more intrusive ordinance requiring inspections.

STR requires more work than MTR and being in another state will require a manager.

Let's focus on the facts and data so folks who are reading this can learn more about the the Short Term Rental Tax Strategy and apply it to build generational wealth. 

They probably wouldn't recommend anyone do their own engineering or doctoring without being trained and licensed to do those things, but for some reason buying and selling a multi-million dollar home doesn't require training, education and practice...  

BRRRR folks are not appreciating the higher interest rates as well.

To modify your strategy, keep abreast of market movements, legal requirements, and investing techniques.