I finished my business plan finally recently.

Thank you Murrieta Menifee Winchester Temecula Riverside Update: this ADU is finished and rented out.

As soon as I finish the lake house project I have a 1-1 condo that I can get cheap that I was going to try to concept on. 

I put roughly 20% down on a $200k home, and am curious what steps I could take to possibly turn my original investment into a large portfolio within the next 10 years, when we're currently "low on liquid funds" after finishing up a wedding.... 

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?

You can finish it and consider it sq footage, but may not be able to adverise as bedrooms.

But then moving to actually renting while our children finish school and investing out of state instead. 

It looks like you are doing an affordable build based on the cost but hard to say since you didnt provide info on the build itself such as square footage and finishes.

Since it will evaluate photos, bonus points if it could look at the MLS and recommend the best finishes and paint colors to maximize the ARV.

I promise you will have options once you finish renovating.If you purchased correctly (location & purchase price), you will have enough equity so that you can either sell it for tax free capital gains, cash out refinance (if mortgage rates are lower), or pull a HELOC to acquire your next property!