I will need to put a lot of effort to build it,
but then it will run (almost) by itself.
What will be the best way to convert it to some passive income?
Advertising? Affiliates? VIP registration?
How much should I expect to earn from it?
We all are living in the decade where Internet has already developed to most of its potential. With over 700 millions website running, internet is denser than evergreen forests. In present scenario, it is not at all easy to start a random website, drive few traffic to it and expect passive income. Rather, one need to be more specific, thoughtful, clear before starting a website. If you have well-developed idea which you think has a potential to get famous, then only go for it.
And three options you mentioned are way apart. It maybe entirely foolish to comment on them unless you are clear what you actually wanna build.