By default, the Mortgagee is both the one that lends and the one that has an insurable interest and therefor both descriptions pertain to “Mortgagee”.Which is preferred: Traditional Banks always only require they be listed as the Mortgagee whereas Hard Money and or Private Money; it’s 50/50.Now, you’re probably wondering in what instance would someone be listed as a Loss Payee but not Mortgagee- well, let’s say someone lends the property owner money in a non-traditional fashion - we can chat more about this later -whether it be for the property or for something else, doesn’t matter, and the borrower uses the property as collateral.

Iagree is not as good as written, so on my 2 star desired props, ill write those out for her and send to her to submit for me.

Average highs are around 72°F, while lows hover at 50°F, requiring layers and sunscreen.

Lenders will be limited and it will require more down payment like 20% when they should attract 1st time buyers. 

It may also be beneficial to require a co-signer for the lease, especially if the tenants are college students with limited credit history.When writing up the lease, clearly outline the rules and expectations for the property, including noise levels, guest policies, and maintenance responsibilities.

There is no reason you can’t extend the lease or go month to month at the end of 12 months if both you and the tenants still desire to.

It’s crucial to ensure you’re compliant with your city’s requirements, including permits, taxes, and safety regulations.Ok - that was just a stab at it. 

@Lan Bak, the REIT does have  distribution requirements (one of the reasons they start strong in a market and fade as a market matures). 

Wow.Aren't you required to take depreciation too?

It may be necessary to modify your renovation budget in light of local market prices.In conclusion, house hacking in NYC requires careful consideration and research.