However, you should really check what is your actual tax liability. 

Ok - thank you so much for confirming the gut check, colleagues!  

Have a prototype and want to check if it is helpful or not.

I always recommend checking out Furnished Finder Traveler Search ( https://www.furnishedfinder.com/housing/New-York/New-York) and Airbnb/VRBO for 30+ day stays to confirm what is out there. 

I also live here so I can do a renovation, check on the property multiple times a week, screen and meet the tenants in person.

The underwriting may involve a credit check on the primary borrower, others do not but may require a personal guarantee signed by members of the business entity borrower. 

Check your municipality's zoning map and ordinance to see if that is permitted for your property.

@Jonathan RiveraAt the least an OOS investor should go and check out neighborhoods and meet with potential PM's before investing a single dollar.the turnkey concept works for some but more threads on BP talk about missed expectations from the turnkey operators.

@Teena PhoolkaLike @Josh Young said, check the declarations of any HOA.

Maybe make sure to add a pest and dry rot inspection, scope the sewer line and maybe check for radon.