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However, there are two strategies that seem to be working.

You could consider doing a cash out refinance of your current primary as an investment property with a dscr loan.From there get a low cost or zero down loan for your Primary.Use the proceeds left from the refinance to get your next property.There are so many different strategies.

From a business perspective only the choice would be stay right where you are.But you are at a time where a vacation rental you can use yourself is attractive. 

Which in turn will bring plenty of other investors and general business to the area. 

What's up Jay,Given your situation, here are a few strategies you could consider to secure the rehab budget while respecting the seller's desire to maintain a first-position lien:Home Equity Loan or HELOC:If you own your primary residence or another property, consider tapping into its equity through a Home Equity Loan or Home Equity Line of Credit (HELOC).

My business partner and I created Quality First Builders, LLC, to build new construction spec homes in the Triangle and surrounding areas.

s, first rent of the newly created unit must be equal to the combined rent of the two previous RS units..in addition, newly created unit will still be regulated, NYS senate just passed bill S2980C..Substantial rehab is the only remaining strategy, which is not cost effective in the current market

This includes minimizing cash flow as well as other strategies.  

Your comment is really an eye-opening that how real estate strategy can be flexible.