This is a commercial lease and it's governed by the non-residential landlord and tenant laws.

Look for pre-foreclosures, tired landlords, probate leads, and tax-delinquent properties.

To maximize my cashflow and gain landlording experience, I’d do STR and MTR in the other units, as well as the other bedrooms in my unit.

What does the past landlords say?

Quote from @Melissa Faraias: Hello BP community,I am an out of state landlord with a rental in Bluffton SC.

@Mayur Chaudhari, I'm in Mililani and we've landlorded a house in Waipio Gentry for nearly 28 years.  

Some landlords try going the major renovation route, but it’s expensive, full of legal red tape, and not guaranteed to work.You’ll definitely want a solid real estate attorney who knows NYC rent laws.

As a landlord that at one point had 30 long term rental units, I agree with the advice from your friend. 

However, they are full of legal jargon most landlords/tenants can't understand and they miss a lot of things an experienced landlord would recommend.If you have a landlord association, join them and start with their product.

You want to show them what a nice landlord you are and help them get back on their feet.