It is also worth considering investing in the business, perhaps with partners or venture capitalists, especially if you are willing to add value and take on a role in the development of the project.

Those doing best with ADU addition appraisals have an active role (flippers, developers, etc) and are adding them in areas that have traditional MF.  

Reason being is we have good w2 roles and were looking for minimum monthly cashflow and once we hit that we were happy to pay more towards the loan to build up equity.

If I only manage my holding company - no active PM role - does that help avoid filing/registering in NY?

Mario,They will know what to look at believe me and will understand what role depreciation plays when it comes to taxes.

Is this something we draft ourselves including outlining roles and responsibilities, are there templates out there to use, or should we hire an attorney?

Your financial goals, risk tolerance, investment strategy, and personal preferences will all play a role in determining the best option for you.

You need to exercise a lot of patience. 

Don't cross those roles with each other.Keep investing and moving forward!

My connection with the previous owner, who happened to be the president of the Southeast Iowa Property Owners, Real Estate, Investment, and Landlord Group—an organization of which I am now the president—played a pivotal role.