Would I rather own an AirBNB in Galveston for the next five years where a permit currently costs $250 a year and a correctly bought deal can still perform exceptionally, or in NYC where I can no longer operate now and for the foreseeable future?

There are definitely exceptions to what i just said.

There are some exceptions (usually when offering on portfolios, I don't see inside each one before offering, only during due diligence; and I state my assumptions about their quality beforehand). 

(This restriction does not include interest on the loan.)A lender issuing a home equity loan may not require that the borrower apply the borrowed funds to repay a debt, except for debt secured by the homestead or debt owed to another lender.

There are no wrong things to do except doing nothing.

Additional relevant provisions in the contracts:"Title Evidence and Insurance: a title insurance commitment issued by a Florida licensed title insurer, with legible copies of instruments listed as exceptions attached thereto ("Title Commitment") and, after Closing, an owner's policy of title insurance (see STANDARD A for terms) shall be obtained by the Buyer. 

After speaking with someone who is familiar with this market, I learned that you could have the tenant pay all the utilities except the water, the landlord would have pay for that. 

Avoid multi family properties in areas in Cov and Newport that you would not feel comfortable walking through at night, which is most everywhere there except up on the hills.

of the last three deals I've submitted for review two of them have been excepted and one is this still in the process of having the appraisal done.  

@Stetson OatesIf you personally guarantee a loan it means you and everything you ownSo if xyz LLC fails to pay a loan and have a personal guarantee, that person can then Go after every other LLC and take assets from those (or anything personally you have - except possibly for homestead and specific items) - this is why we get personal guarantees on our loans we give out.