Our attorney okay'd it with a few changes, but it's fine for NY/NJ/CT. 

Most property managers I've gotten in touch with have an add on fee for everything, which is fine and I get it.

You will need some space for the second unit, preferably close to the first unit, so that tapping in and re-routing the ductwork is minimal.Alternatively, dedicate the existing HVAC to the larger apartment and install a mini-split system for the other.One of the issues with both solutions is that the existing HVAC will be oversized for just the single unit, which can lead to issues with moisture removal during humid periods, but in my case, this has worked fine for several years now.

I am fine with keeping her and her rent at its current level.  

Fine, whatever. 

Much different situation of what happened in 2007-2008, where we had seen it coming for a while (we were just in denial for a while longer) and it was based on financial and mortgage fall out (instead the economy this time around was doing fine.)Even though Coronavirus has been spreading for a few weeks now in the USA, it really did not hit home until about 10 days ago, when everything started getting cancelled, shut down, etc. 

Good people still intend to do business the right way, so as long as you screen your tenant you should be fine.

Is money just a make-believe social construct, and we can essentially take a holiday from responsibilities and everything will turn out fine, assuming the smartest guys in the room are babysitting everyone?

As long as the QI has demonstrated experience and a good track record you'll be fine. 

Hopefully, the moves by the federal reserve and the federal government will help.I think we'll see a lot of forebearance agreements, especially for those who were paying just fine before the lockdowns.