I’m also curious if it's possible to convert these units into regular apartments, as this property is located in the NY suburbs.

I have a couple of rental units in Hixson and need reliable lawn care to mow on a regular basis. 

You need someone with boots on the ground to drive by the property regularly, inspect every 3-6 months, supervise maintenance, etc.

sounds ridiculous but a situation ive encountered multiple times. ask yourself how much extra work you want in your life, offsite landlords get put out of business regularly, I've seen it over and over again. consider your options and learn everything but diving in.

Evictions/move-outs that regularly included half a tenant's torn-up furniture, personal items, and damage to units that would take weeks to clean out and a state requirement to store tenant belongings for 30 days after move-out, even in the case of evictions. 

It’s regular mold from moisture.

And Michael - Although I don't regularly post here but I remember you from years past replying to my accounting questions.  

I observe the term “investor friendly” lender used regularly in these forums either by posters seeking financing or in the manner in which lenders market themselves.

.- Regularly back up your data.- Keep software updated.- Limit user access and monitor activity.- Educate your team on security.- Secure your devices with antivirus.Protect your financial data with these essential steps!

I have no responsibilities - other than reading regular reports and (hopefully) depositing checks.