The foundation was already approved, permitted and finaled years ago for a 3400 sf house, and its solid and I won't be building directly on the overhang edge; but rather back away from the edge a few feet to prevent any load issues all the weight will be on the longer sides of the existing footing.

Where it gets interesting is that the house has 5 mailing addresses associated with it and the fire prevention bureau has on their records it is also a 5- unit house, and I am billed as such upon annual renewals/inspections.

Condo bylaws prevent airbnb usage, so not that.

If the tenants are the issue, they can make it very difficult to show the property and this can create a lot of issues for you during this time.It will also prevent you from selling your home for maximum market value as only few people will want to deal with holdover tenants.

And this low demand could be a couple of factors, either a rural location with low population density or the area incomes are not high enough in order to prevent a rent burdened scenario. 

Thankfully I have no property in NY.I loved this quote which shows just how clueless people are about housing issues:“Housing instability is at the root of so many problems facing our city, such as exacerbating homelessness and hunger, failing to meet our children’s educational needs, and undermining public safety,” said the CWTU in a statement.

And "big Government" doing extensive PREVENTATIVE proactive actions. 

The rules are designed to prevent related parties from engaging in exchanges that shift high basis property for low basis property, followed by a sale of the low basis property, effectively "cashing out" without recognizing gain.If you sell a property to a related party as part of a 1031 exchange, both you and the related party must hold the exchanged properties for at least two years following the exchange.

This can help reduce risk and volatility by preventing overexposure to a single asset class. 1031 is only for investment property.7) Deprecation Schedule resets when the property is purchased in partnership with a DST.

You should ensure the property is inspected regularly, maintain climate control to manage moisture and temperature, and address small issues like leaks or cracks early to prevent costly repairs.