In an  Office or Industrial project, competing business can co-exist as neighbors because they are generally providing a service for which the "playing field" is away from the property.

well, the good news is that your lender will be able to add back deprecation, mortgage interest, property taxes, property insurance, HOA dues and even some one time costs. 

They could go down as well.

The entity structure is typically different than multifamily as well. 

Well, that's why I said "is that legal to do".

Check references, screen well like a normal LTR tenant, if everything checks out why not? 

You want to keep it as you like the cash flow or see the market really performing well for the next 2-3 years. 

I also work with OOS investors and have a list of property managers that you can call and get information from as well. 

We are sandwiched between well known hot spots and its an ideal location for someone who wants to explore the beach life or any of the down-town areas nearby (Los Angeles, Long Beach, Redondo, Manhattan, Southbay Etc), new build with modern amenities, washer/dryer in unit, full sized fridge, dishwasher, professional range cooktop, queen bedroom, full standing shower, large kitchen, full sized couch in the living room, private front patio. 

Ideally it's nice to be in the hotspots such as WPB, FTL, Miami, but have found that the suburbs have been killing it as well.