Hi everyone,

This is my first post since I started lurking BP last year to wrap my head around the notion of real estate investment. Given the market circumstances, I've been cautious about how to take my first step in REI in this expensive metropolitan area.

As part of those thinkings, lately, short-term rentals really came to my attention as a potential cashflow booster (whether it's gonna be positive or negative). I'm aware of Local Law 18 and I will make this possible investment property as my primary residence as well when this all works out.

That said, some people have told me STR is inherently risky and there are difficulties to do so in NYC. I would love to learn from any of you BiggerPockets folks who have experience in STR investment in NYC about a couple of things below:

1.  What would be the biggest risks to be considered in order for me to take this action in NYC? (e.g., getting approval is very hard even when all requirements are met, etc)

2.  Which areas are the best or to be avoided when main guest profile would be tourists coming to the NY metropolitan area?

3. Any specific critical restrictions to be considered other than the property having to be a primary residence? 

Any feedback or opinions would be much appreciated! Thank you so much in advance. 

Additionally, if for whatever reasons NYC isn't the best bet for this attempt, I would extend my reach to NJ or adjacent areas, but due to a work circumstance, NYC would remain as a first pick.