Based on the knowledge and experience you have, would you consider this strategy if you had to go back at my age?

I recently completed one on a multifamily property and found it to be a cost-effective approach.That said, there are a couple of additional factors to consider beyond the code differences between a garage conversion and new construction:Coastal Overlay Zones – If your property is in a coastal overlay, building a ground-up ADU may require Coastal Commission review, which can add time and complexity to the process.

If you have any questions or want to learn more about how we help clients all over the world that are looking to be passive investors then we should set up a call to discuss.Good luck as you start this exciting journey!

➡️Consider joint ventures or syndication.

I considered sound proofing the ceiling of the unit below but I’m reading articles saying that it can be very pricey and it won’t make a major difference.

Last thing to consider is if you are buying a new home, will you want to do 100% financing and will you have the remaining bonus entitlement to do so.

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

Yes, long-term rental clients sometimes don't want short-term rental next door to them, but you are the owner and landlord and set those expectations up front so it's on the table before they lease.

Is your income considered variable in nature depending on job sites and that you do not work a set amount of hours per week?

Your realtor should be the first source of guidance.For anyone here to provide you some guidance, you have to be more specific on the ask.There are always many things to consider when planning for different strategies.