In addition, I would like to have a property that has perpetual income.My original plan is to get an STR license for owner-occupied 51% of the year.

I believe in the five-year grind that includes house hacking, BRRRRing, and building a buy-and-hold portfolio because once the machine is up and running it perpetuates itself and your wealth grows in the hockey stick exponential curve.

.-$952,580 Loan Amount - 30 Year Fixed-One unit is 2.625% and the other is 3% Interest Rate-Monthly Payment: $3,642/month-Appraised Value: $1,277,000Projected total Rents: $6,000/monthProjected Cash Flow : $537/month (w/o variable expenses $1,138)Resale Date: I do not plan on selling this 2 unit condo as it will be a dividend income producing asset for perpetuity.

After purchase, advised by the City of Lee Summit that the property was intended to be held by the HOA in perpetuity and not by an individual owner/business.

I've owned 50+ rentals and can't recall a rental agreement being perpetual. 

It also doesn't vary based on renovations - its fixed into perpetuity.

Do you think you'll keep doing this in perpetuity?

The key here is to determine what your goal is as you will continue to find yourself chasing new opportunities in perpetuity without it. 

So for risk mitigation, I would like to make sure that its ok to hold the property for perpetuity with the current tenants. 

Meaning do you understand your potential customer, or are you just guessing based on stereotypes.