Of course, if you have low risk tolerance then this is the wrong business to be in anyways.... :-)

Another strategy is looking at short term or mid term rentals thats one way to cashflow but it does take more work as your basically running a hotel business but once you figure how to automate things it will get easier at least thats what the short term rental investors tell me lol.

Look at it this way you are opening a new $400k to $2.5M business location and you are going to let it open for business without coming in to go over everything. 

It’s very common in today’s environment that not only are deals too tight for an Agency exit today, but the value add business plan was delayed for any reason whether it was a change in management, slower lease up than anticipated, and now the property is trending positively each month towards Proforma numbers, but needs a bit more life, there are ways to get it done!

- Should I source a consultant or some sort of assistance to devise a business plan?

We purchased it for the purpose of rezoning to commercial and expand our existing business model (workspace rental for people in the creative field).

My wife is a super busy realtor so I took over those duties years ago..

And based on my business, and from what I am seeing with market activity, it is still very much a sellers market for those type of properties so many investors don't seem concerned about these proposed regulations.  

The market is booming in both the business and real estate sectors.

So long as the home you own is not your primary place of business, you can rent it out for up to 14 days and not report that income on your individual tax return.