The other option is a water supply line, but that would typically resulting a steady leak and the damage would occur faster.Really think about what is above that space that could cause the issue.

Generally, you shouldn’t pay off your mortgage early unless you can pay all of it off. it’s better to have it as reserve (in case of lost job etc) and given the typically low rate you can generally get a better return else where.

If they do not qualify because of poor credit or income issues compared to being self employed etc there are differences - but typically people don’t qualify due to poor credit and people will seller finance to these borrowers thinking they woke up at a holiday inn and got a finance degree when in reality they repeat their past mistakesRemember the definition of insanity is doing the same thing over and over again expecting a different result

Rules/policies are subject to change and selling units in some buildings can be challenging.Condos, on the other hand, typically have more lenient rules/policies oftentimes allowing for unit owners to rent their apartments immediately and indefinitely.The rule flexibility, however, comes with a price.

If so, what will be the typical time and cost to pull the permit for such a project.

I'm just more familiar with people quoting gross rents and typically assume the cleaning fees are being paid by guests. 

Same BRRR method we use for a typical LTR, but better equity, ROI and use( gift it, use it and better tax write offs) 

Quote from @Rajagopalarao Paidi: Is there anyway to minimize or avoid agent costs, I don't have much scope for profit if I pay agent costs, what options typically one has Do it FSBO if you want to save them and then hire a TC or company to do the work...

To estimate closing costs and monthly expenses for a multifamily property, closing costs in New York typically range from 3-6% of the purchase price.

However, it’s important to factor in HOA fees, local regulations on short-term rentals, and property management logistics.The Las Vegas market doesn't follow the 1% or 2% rule typically seen in cash flow-heavy markets, but it can still offer good returns through appreciation and strong rental demand.