Hi,I know what I'm asking is not legal, but it also doesn't stop the 30,000+ not legal apartments that currently provide a home for families in Queens, NYC that would otherwise not be able to afford to live there.I'm just trying to see, as a landlord, are there certain steps I can take to reduce any potential risks I could face for renting out the apartment?

Our average tenant stays 12.5 years, which reduces vacancy (an underappreciated factor) and fixup costs to re-rent properties. 

We had to reduce the price $20K before we were able to receive an offer.

Is this a good strategy that actually reduces the life of the loan?

I think a house hack will make more sense if you can negatively cash flow less than what you currently spend on rent (reducing your living expenses but not necessarily eliminating them).

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

If you value this housekeeping crew, you probably need to figure that your thoughtful gift is now a surcharge, and reduce to paper what holidays it applies to.

A heloc is an open end mortgage or in simple terms its a high risk credit line similar to a credit card that sits in 2nd lien position adding another trade line to your credit and reducing DTI.Just like a credit card if you ever miss a payment on any debts on credit or if your scores drop unexpectedly they bank can close or reduce your line of credit.

Best way to reduce the chance of it happening is through good screening when you place a tenant and do regular inspections. 

I would also suggest forcing appreciation to reduce market speculation (property improvements, adding bedrooms, finding ways to increase rent, buying at a discount, etc).Good luck!