I'm an Architect and MRED Grad and have entitled and permitted over 200 units across Bay Area and Norther California, ask me anything about SB9 or ADU design / permitting

If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.  

You may could give them a license to use the land, provide a temporary or revocable easement or otherwise permit the use in some way.

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

Partnering with local experts who understand zoning, permitting, and market nuances can help you avoid costly mistakes and maximize returns.If you're in a high-cost area, out-of-state investing can provide access to markets with better entry points and higher ROI potential.

This is why the big corp builders or regionals control so much of the larger developmentsthe deals i funded are 34 lots 160 lots and 80 lots respectively and each of them have contracts on them by Toll and Lennar and one regional but they only close when we have permits in hand. 

The job starts when paperwork begins , ordering materials obtaining permits , lining up subs etc .

Another consideration is the permitting process and local zoning quirks, which can slow you down or force design changes mid-stream.

From simple rules like permits to outright bans so that is a huge risk IMHO.

Interestingly, attorneys are not permitted to offer services to strangers except by general advertising.