Upgrades include a fully remodeled kitchen, renovated bathrooms, new durable flooring, contemporary fixtures, and efficient heating and cooling systems.

The overall LTV (including all 3 mortgages) will be key and your selling point will need to be that the 2nd mortgage ($8k) will burn off in 2.5 years (based on your surprise that it was even out there, I'd recommend that you follow up in 2.5 years and ensure that it's been satisified, so that it doesn't surprise you again in the future).Does the $8k grant vest over the 5 years? 

In some areas certain provisions MUST be included in a lease.  

This doesn’t include any raises or bonuses.No kids yet, but we plan to have them down the line.Both of our credit scores are over 800, and we have no debt.The plan:I know sellers don’t always love FHA loans, and they can be tough to get approved for, but I’d like to use one to make this work.

But for some, including myself when we bought in 2015, breaking even or even losing a little each month was okay in order to own a property in Hawaii that we could also use ourselves.- Does the condo have an existing STVR permit or will you need to apply for it?

There are kinds of guru's who will help you buy section 8 properties in a turnkey package including the rehab the property will need to get it rented.

Mostly a single ADU added in a single family zone area will add less value than the cost of the hands on addition.Depending on the financing my underwriting with a high LTV (80% LTV) for $200k would be cash neutral at a rent point at about $2200 when allocating for all expenses without including any land value.  

This agreement with your general contractor acts as a roadmap, with clear expectations and protection for all parties involved.One frequent mistake is the failure to include sufficient detail or being too vague.

Sounds like a good plan, should have plenty of options available.I would be cognizant of any group you talk with on two areas, the location of the property including any potential concerns of it being 'rural', as well as the minimum purchase price and/or minimum loan amounts.

Helps with your debt to income, better opportunities at cash flow, and typically requires less down to purchase.In regards to challenges, I usually build in an extra 10-15% to deal with things that I can't see behind the walls, including dry rot, electrical or plumbing issues, etc.