Climate control NRSF is typically between 2-5 fpp; while the non climate control old outdated facilities make up the balance (7-10 fpp) and tip the scales well beyond the 7’ pp rule of thumb. 

After he was successful in being more profitable than his neighbours (one thing he's done well with is driving traffic to his direct booking sites to cut out the host sites that take so much in fees) he started taking on investors that put the 20% down for say a DSCR loan.

It can be pricy but well worth the money if you can afford it. 

I will carefully consider the information you've provided, and it will undoubtedly assist me in making well-informed decisions moving forward.

As well as nails and screws removal and patching large holes from walls.”

I have also read that having a sizable emergency fund is vital, as well.

It does also cap rent increases to no more than 8.5% which while annoying (probably most especially in NY, where price of living is high), does at the same time help the tenants out as well as helps stop tenants from leaving for no reason other than huge rent increases. 

If you're ever looking to utilize an agent again for tenant placement, I'd be more than happy to help with that as well. :)

You'll also want to come up with the process for dissolution if that comes to be as it often does in partnerships unfortunately. well he is going to give me the money and I will do all the decisions so he will be a capital partner?

There is a a common theme as well and they all come from the same guru who may or may not be mentioned in this post.