Live/Work Condo

A friend of mine is in the process of purchasing a 1,400 square foot condo in a building that was formerly a commercial space. Location is downtown prime. He's got money and is putting quite a lot into renovating it. He says he can rent out a portion of the space daily for photo shoots and events. He claims he'll be able to cover his $6000 monthly mortgage through event rentals. Anyone familiar with this type of set up? I'm thinking, why am I slogging away at my desk job when I could be living in and managing a home/event space? I'm in the event planning industry so would have potential clients if I took this route but I'm not so familiar with real estate laws around commercial/residential mixed spaces. Is this a viable option?