Many PMs ask for this in their agreements to reduce their own liability exposure.

Increase your earnings, reduce expenses, save up, and invest.

You can likely see where a 5% reduction in your taxes isn't going to do much to reduce your bill. 

Here’s my two cents:Paying off the condo might make sense if your main goal is to reduce risk and enjoy the peace of mind that comes with no mortgage.

However, you'll likely be able to put more money in your pocket if your reducing your living expenses in a HCOL area.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

Helping you to shield W-2 income, making STRs a great option for high-income earners looking for ways to reduce their tax burden.2.

Proper documentation ensures you’re prepared to substantiate your claims.Federal REP or STR material participation allows you to deduct rental losses against active income, significantly reducing your tax liability.

I know this is above and beyond what most municipalities require, but being fair will make the whole process easier.Additionally, a new landlord can reduce the 60-90-day notice by offering more moving assistance (cash and/or labor) if they move sooner rather than later.

In my opinion, it is better to get a property rented quickly (even if it means reduced rent) than it is to get it rented for the highest amount possible.