ADU+DADU-Condos, How To Acquire Property

[David Benton]

I just finished my 2nd DADU but I'm green to RE investing. I'm really excited about being able to do ADU+DADU condos in my county since they just changed the rules. I have plans, engineering, and all the contacts and sourcing for a 1200 sqft 2br/2ba DADU that I just built, and I've identified a property I think would be great. It's being remodeled by a RE investor that intends to flip it, but he seems to have slowed way down with the recent market drop. It wasn't showing sold online so I looked into the records and see this RE investor has recorded a deed of trust and given the owner about 50% of their purchase price for what I assume is the right to remodel and sell.

It looks like I could add an ADU to the existing house and build a DADU with plenty of room to spare, I just don't know how to go about getting this property. From the workers I've talked to I know they're trying to do a really upscale remodel and get top dollar which I don't think can afford outright, but I'm interested in the loan/build/refinance examples I've seen. From that deed it looks like he can't have all that much into it yet, but I'm not sure how that works. It's vacant so it's costing someone money, the RE investor or actual owner I don't know. But I'm wondering if any of this makes them more motivated to offload it or if I could get a deal. Any advice would be appreciated, thanks!