@Sam BhattacharyaThis is very simple.  

Built in 1890, this Old Victorian was converted into a duplex in the 70's by a talented architect who made some unique and extraordinary custom design choices (read Vaulted Sunlights) that make this property truly one of a kind.

I have 3 apts and I started out with furnished rentals as I am an Interior Designer. 

You can usually find some events by doing a simple google search.

So simple, so hard to just… sacrifice to accumulate the cash, and sacrifice the ego to not chase the huge portfolios and massive leverage that can leave you at the mercy of the near-term market.

I really recommend keeping things simple at this point, grow your income, and grow your knowledge.

Let's use 10% to keep the math simple.  

You can also do an audit of your “hotel” to see how it compares to others in your market in terms of design and amenities to fully maximize revenue.

I would not add much, a simple bedroom, bathroom, kitchen, and hvac.Another aspect of this deal is that the building is listed as a historic building and thus could qualify for some grants. 

Any paper trails that should be in place or is it as simple as giving notice at the right time next year and not renewing the lease?