Elaine, Condos are the better deal. I own my coop and it took about 4 months to move in; and in addition I am now processing an application for a couple who are interested in a Coop rental. These hard working people are also going through the excruciating process of applications and application fees, references, financial statements, etc.., and finally the interview process, all this for $950 a month. The process same as buying their own coop property. It has been a month and the board yet has not called them. Owner of the coop is just ready to rent. So just imagine what these people are going through.
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