Thanks everyone for your valuable insights.  Do you know of an owners associations for these apartments? If there are a few  apartment owners and they all want to run it as a service apartment , we can cut down the cost significantly. We can hire one or two people(agent) to take care of a bunch of apartments in the city. We can share a set commision with the agent and even if you take 65% occupancy rate and all other expenses that you guys have mentioned above, it still looks lucarative. Am I missing anything else?