I built my ADU in 2020 before SB9 passed, which put my original house under rent control because it was built pre-1978(2 units on the same lot triggers rent control if one was built pre-1978).

Next renovation I will have it outlined & ready to pull the trigger when ready.   

Note:  We still pull the trigger on some deals even if it's just below are target numbers. 

I’m just looking for someone to give me the dough to pull the trigger on it all and have my builder do finish work, plumbing and electrical.I’m pushing back the work I’ve contracted so far because of lack of financing.

I decided to pull the trigger after a few years of listening to this podcast and reading up on posts in this forum.

"sell and lose more money on realtor commission and closing cost" - Harsh truth; drop that mindset because you will make more $$$ listing with an agent than selling by yourself.

I have done it several times now and have also tried long-term rentals vs. short-term rentals as I've house hacked.My response to your question may differ from others, but my advice would be to pull the trigger on the condo if:1. 

But this is the bread and butter of what I do in Detroit.Pay cash, do the renovations, then refi out.As you mentioned, you need to be confident in your comps so you can put an accurate ARV on the project before you pull the trigger. 

The analysis only  looks at past numbers (incomplete and skewed, in my opinion).If I sound harsh, it's not because I'm advocating one way or the other.

Driving for dollars is a very time-consuming task and even if you target distress properties that its only one layer of motivation which for us is not the one that triggers our sellers to be motivated.