The need for building permits in the counties is limited to plumbing, HVAC, & electrical. 

They have a bunch of free videos out there related to the Income Snowball and their new partnership with rent-to-retirement, and a very savvy "numbers person" could probably surmise and re-create the system on their own if they really want to be cheap. 

Ensure the sublease is explicitly permitted in a written agreement with your friend and aligns with local STR laws.

https://ecode360.com/15245641#15245642 seems like condo conversions is not permitted in Hoboken but curious what's the result of your case. 

I'm a contractor and just did a bid on an SB9 project in Los Angeles County - Altadena area (building permit jurisdiction).

If the borrower themselves need weeks / months to get plans and permits for construction, and does not provide all docs in a timely fashion, we can only go as fast as the borrower provides what we need. 2.

I like both of your ideas so I would look for the single where an ADU is permitted or one with a dump ADU to renovate (that's best) and balance that against the purchase of a 2-4 unit.

It was taking 8 weeks for septic permits and 4 months for surveys. 

As an example, we decided to replace the windows in a house we were renovating and ended up costing us $50,000 extra because we got into issues with permitting and suddenly found ourselves having to hire an architect, speciality contractors, etc.  

There are a few different avenues that my clients have been exploring, including getting unpermitted units actually permitted.