This thread kind of resonated since they mentioned that on BP you truely do have to sift through all of the noise to find good information.I can tell you I've worked on many of these scenarios (mentioned above).

Way to grind

You'll have tenants moving in and out more frequently and you'll be dealing with multifamily issues (noise, garbage, common area clean up, etc.).

MF gets a lot of complaints about noise, odors, smoking/pet violations, parking issues, someone not cleaning up after themselves in the laundry room, etc.There are benefits to each and it depends on whether you are looking at it from the view of cash-flow or work-load.

This business is a grind.

For as much noise the South Lake Tahoe "war" on VHRs has been making lately, their main enforcement has been nailing VHRs with no permits. 

Maybe consider a metal roof with insulation to reduce noise?

The law enforcement range was put in within the past 8-10 years and now the local neighbors, not just the abuttors are complaining about the noise.

@Harman N. if you have the head height I would do 2 layers of drywall attached to resilient channels on the ceiling won't cost that much and will keep the tenant happier not hearing as much noise from above.

That only seems to indicate loud noises disturbing other tenants would fall under that definition.