There are pros and cons to each set up but the biggest con of closing in a LLC is it typically requires business purpose loans that have less advantageous terms than conventional financing.

The biggest issue with ADUs is small units in small count is very expensive development.  

Some of the biggest complaints i see are that you have to use specific contractors and it may take awhile before they can come out.

The biggest thing I can't get over, is the new agent objections.

At the end of the day my biggest regret is not buying a duplex to a quadplex with a FHA loan. 

The median price is still just $90k and I wouldn't be surprised to see it double again pretty quickly.The other nice thing about Michigan is property taxes are capped at the rate of inflation with a max annual increase of 5% per year.The biggest drawback of Detroit is tenant quality IMO.

As others mentioned, look at what other debt you have and make sure the highest interest debt is paid off first.In a perfect world, you'd figure out where your money would make the biggest bang (ie the most money) and put it there whether that was a paying down a mortgage or investing in something else.

Submit all of your info etc and see how much you qualify for.This will change in the future as you start to do other deals, but this is the best way starting out and doing a house hack etc.As for college, I went to college and it was one of the biggest financial mistakes I have ever made.

Very possible biggest factors are can you find the deals that will be profitable (I work with auctions and that varies hugely) and how fast can you execute them and move to the next one, remember that you have time on the market and closing time once under contract (usually an extra month) before you get the capital back out. 

What's your biggest challenge in funding a fix and flip?