Being extra careful to pick the market to invest on, fundamentals have to be really solid (population growth, jobs growth, Median HH income, etc.) as you want to be in a market with large tenant pool with lots of jobs, so you can mitigate economic occupancy problems and evictions.

Our physician loan program is eligible in 14 states but unfortunately NY is not one of them. 

I know land is eligible. 

There are also online courses that teach the same fundamentals: setting a schedule, the importance of scripts, how to network, living on a budget, etc.I bought the Yes Masters course for one of my agents.

Remember, legal entities such as LLC's are not eligible for conforming residential loans. 

I do not deal with properties in the price range that you suggested, but the fundamentals are the same.

Talk to a handful of people and see who you have the best relationship with and make sure they are an investor themselves so they at least know the fundamentals of investing.I know for me, the more offers I can make the more deals I get. 

And sophisticated investors need to be people who understand real estate investment fundamentals and have business experience...people who "get it" when you talk to them about a real estate deal. 

I will eventually find out from servicer but I thought I check here first..heres the link for more info and quote from linkWhen a HECM is Due and Payable, the Borrower, Eligible Non-Borrowing Spouse, Borrower’s estate, or Borrower’s heir(s), as applicable, may sell the property for a minimum of 95% of the appraised value.This guidance announces to the industry the amount the Commissioner will accept when a Borrower, Eligible Non-Borrowing Spouse, Borrower’s estate, or Borrower’s heir(s) is satisfying a Due and Payable HECM for less than the total loan balance.https://www.hud.gov/sites/documents/17-11ml.pdf

If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).