But, with the chance to make 4x what an LTR would otherwise make ... there must be something else brewing.Now consider this: NYC currently has more Air Bnb listings than it does apartments for rent - putting a downward pressure on daily rates even though home values continue to increase. 

Much better than the average daily rates that you're seeing right now. 

Don’t pay off your house (that is debated daily - dead equity or deploy into another investment, direct real estate or otherwise).

They are done daily.  

check a few prior bills, calculate average daily consumption (actual water use not the dollars), make sure prior bills were based on actual and not estimated readings (utility companies will sometimes bill on estimates if they can’t read a meter for some reason then adjust once they have the actual reading), monitor the meter for a few days and see if the actual use matches the average you calculated.

Or is it daily tasks, being able to keep up with social media, not enough time to organize everything? 

Also, be sure you are on-site daily with the contractor because a good one moves fast and you will want to be able to make design decisions in the field as they have their subcontractors lined up to do the work.

Also, be sure you are taking daily photos and creating reports of what happened as construction progresses and which trade was there and when.

How much time can you commit daily, weekly.

I want to be involved in a large unit apartment deal and be involved with the daily financial and day to day processes of the investment.