Not considering it will take years of perfect rental with no vacancy or capex just to “break even” with where they are today. 

Even with those small pieces of glass, the cleaners need to take care to get any dust or lint left behind after wiping them down.I use various size dining placemats as covers for the glass which keeps them looking good and from damage.

i say that not to discourage you, but so that you have a realistic picture of what to expect.as @Travis Timmons alluded to, you need to be in a strong financial position to even think about starting to invest. 

there just aren’t many sold properties in the neighborhood in the last 3 months and even out to 6 months is limited.  

They even sent someone from the city to the house to tell us to stop operating it as a STR. 

Even though the budget of the project will be about 4 times of where I was looking to start with a fix and flip, MF financing looks very encouraging and a silver lining.

I don't even mind paying ridiculous interest rates as I understand this is a big ask.

If current lessees move out, how much T/I needs to be done even before a new tenant?

Even as someone who owns multiple rentals I still heavily rely on tax strategist and CPAs. 

Many carriers are including exclusions for GC commercial general liability coverage and professional liability coverage for engagements involving condos and even stricter exclusions when dealing with conversions.