I'm not suggesting using a short-term, HML, for a hold product. 

Then when they do hire a PM they are experienced enough to never fully trust them and will keep them on a short management leash.

The number of missed payment is the biggest hit to your credit, but an actual foreclosure or short sale is another hit.As to financing again later, at least fannie mae treats a BK followed by a foreclosure as "One event" being the date of the BK discharge. 

Long story short, I encourage you to consider that area and also be aware that comps are very difficult there so make sure the numbers make sense.Hope that helps!

And in the short term I need to find a way to increase my annual income.

I'm currently under short sale contract, but no earnest money has been exchanged.

As a long time lurker, I'm excited to be here.I have been a landlord for 5 years now but fall way short of being an expert in the field.

2 year balloon seems too short to me. 

Money and Time are both in short supply and I'd very much like the freedom to spend mine as I like.

@Raul R.I am not an expert in short-term rental rules in NYC.My understanding is that it can only be deemed legal if the host does it in an apartment that is deemed commercial and below 4 stories.With that - I take it that anyone doing a STR in a building 4 stories or more is illegal.Furthermore - people who are doing a STR in a building 4 stories or less where the building is not deemed commercial - then it is illegal.A lot of people are playing outside those white lines.