For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).

I have just read a book about this, and a business owner spoke about his employees who would take "multiple taxi trips in one day" or "dine at the most expensive restaurants even when alone" its just something that will happen.

There is a house (2b x 1b) in the family I was interested in becoming the owner of.

Here is how some steps are categorized.Performing Loan30 day lates90 day latesAssignmentNotice of Default VA loanNotice of Default FHA loanNotice of Default Conventional loanNotice of Trustee's Sale/Notice of ForeclosureLis PendensContinuation/PostponementLoan ModificationReinstatementBankruptcyAuctionReal Estate OwnedThere other possible steps, but these are what you will typically see.The key is to know what you can do in each of the steps in the state the property is in.Then you need to know what to avoid and what the options are for the owner and options available to the lender.

Paid a top local esigner to come have a look and all she did was insult our cute little place that was doing just fine.....But I think where a designer could add value is by suggesting unique areas, like game rooms, coffee bars, outdoor BBQ/play areas, and stuff like that. 

When I co-hosted in Allston, MA (Boston), the owner tried a similar approach, but we ultimately stopped because it wasn’t working well.

I actually like them because the homeowners' association (HOA) usually covers most of the insurance, and there is very little maintenance required.

Quote from @Alex Souvall: Hey, I have a group that has invested in a rural area, and there is such little development going on there that there are literally zero vacancies.

As a realtor in the Boston area for the last ten years, and successful AirBnB owner up in NH, I’m ready to shift my focus to building a strong cash flowing portfolio.  

You could potentially put as little as 3% down if it's a single family home and 5% down for 2-4 units.