One thing people haven't mentioned is look for your own ad on the key rental syndicated sites and see if it presents well. 

I can't think of a better 50th birthday and retirement present.  

This would not necessarily be the case, or the spread could go the other way, though such motive could present one reason for conversion.I am not even sure if rent control gets eliminated through a possible condo conversion in most towns in Hudson County - West New York, for  base condominium rent > $1000, is one exception, it seems valuable to determine the others.

Present the pertinent property details efficiently (bullet points, not paragraphs), highlight amenities (in-suite washer and dryer or reserved parking), and include your company name ("professionally managed by...").

Do you really believe the lender snuck in terms knowing you, the "real estate savvy" one was not present"?

Should I present the expenses to all three tenants and ask them to cover the charges?

The presenter lost me when in the initial free seminar the speaker was talking about how it was easier to foreclose on an owner than to evict a tenant.

The kindness and humor of the responses is comforting in a field where there is very little down time (currently as I get it established) and you all "get it".

Either way, I get that this is a contrary viewpoint, so I didn't come here to debate, only to present the concept and to offer my services if it was appealing to post creator.

I also wouldn't be where I am today in terms of my contacts and relationships with vendors, to be in a position to self-manage confidently out of state.All that being said, if another deal with the same amount of hair on it presented itself to me today, I would pass simply because my risk profile has changed.