Try to find some actual apartment owners and investors to find out the right and wrong way to do things. Following the right way gives the best results. <winks>
In my coop building in Jackson Heights, they allow only a two year rental with limited rental capabilities. A fast and easy process is not something you will find in Coops unless you are planning to live there, and perhaps rent it to a relative for a couple of years. Coops are not considered Real Estate so like all others here say, the better choice choose a CONDO property.
If you wish to find Condo's in Jackson Heights area, try for free my website below. You will have all the capabilities of an agent. Get your finances in order so you know how much you can afford. Your financial advisor that you chose will let you know the steps.
Reach me when you are ready. I offer this FREE opportunity to buyers and sellers so I can get feedback on how they like it. Use Internet Explorer, or Firefox for its compatibility.
The difference is here Condo vs Coop: http://www.bankrate.com/brm/news/real-estate/20040214a1.asp
Good luck, and keep in touch. I am interested to see how you did it. Tania
The reality of sublets in any bldg is this. You may be able to sublet after one or two years of owner occupancy. House rules should be checked to review any sublet policy. To further complicate things, the application process would be just like a purchase. Full financial disclosure,letters of reference, etc. Not to mention the associated fees. There would also be an interview by the board of the prospective renters. You may also be charged by the coop board, 10% of the annual rent which would go into the building's reserve fund.
By contrast Condos make for a better investment. Much less red tape if any at all. One caveat. Condos will outprice a similar sized coop by $100K+. They do cost more. It may be difficult to rent it out as you would need to cover any expenses involved and hopefully a small positive cash flow.
Good luck with whatever you decide.
You might be better off purchasing a Condo over a co-op. It is a much better investment choice if you are planning on renting right away. Please take a look at my website, you can sign up for email notification of new listings. Good luck.
Lic. R.E. Salesperson