Does anyone here faced similar issue ?

Any legal issues I should be aware of in this situation? 

If you can find practice tests, that is my recommendation - that is what I did after taking the required time component and did not have any issues passing the test. 

.- Does the condo have an existing STVR permit or will you need to apply for it?

If you care to learn about the distinctions, read these posts:https://www.biggerpockets.com/forums/517/topics/1215989-expl...https://www.biggerpockets.com/forums/51-tax-legal-issues-con...2.

If there is any issue I call plumber handyman.

Assume a couple of months of vacancy, consider potential unexpected repairs (like HVAC or plumbing issues), and test the numbers with rents dropping by 10-15%.

We hardly ever get a call or text about any issues.

This is really what it should be as unsafe units should have to address the safety issues before they can be rented.  

That will be an issue if you change it to try and make it contingent on financing.