Also, there are a lot of DEC compliance issues that would need to be factored in - for example putting in septic is extremely expensive in the mountains to meet all the criteria. 

@Adriana Martinez If you are investing in condos, I would become extremely familiar with their HOA rules.

I attached the link: https://www.fordham.edu/info/2...Any thoughts, experience, etc.. would be extremely helpful!

Personally I'd probably advocate government regulations against STRs in extremely tight rental markets.

Quality of the homes Is hillbilly trash to the extreme but area is nice..

Most markets in the US have transitioned from extreme sellers markets to more balanced ones.

As for regulatory issues we the city we got extremely lucky since we are actually just outside of the city limits so those do not apply to us.

-Check how many 'rental' allowed in the HOA, this is extremely important, you don't want to buy condo where rental is not permitted- The condo appreciation and cash flow are really dependent on the school and neighborhood class/city/state wide.- If it's on class A and A school rating, the appreciation for that condo could be higher than even SFR.

That is what I do and it works extremely well. 

These two items can result in extremely poor returns if the purchase happens to coincide with a period of modest or worse appreciation.