Second, you could convert the garage to an ADU if it was worth it prior to selling.

In reviewing the court record of the tenant myself (by the Tenant name), I found 2 judgments (7 and 4 years respectively prior to she rented my property). 

@Kyle Weinapple Search this forum for "LLC insurance asset protection"You will find dozens of prior threads where this topic has been debated to death. 

Would need to provide year end statements and ideally a way to import prior history in (avoiding re-inputting of the historical data).

I recommend talking with your lender PRIOR to making the offer if you're relying heavily on this financing plan. 

Prior to starting my lawn care business, I worked my cousin since a very young age.

She had a $600K house to sell, and if I had reached out to my cousin months prior, I may have been able to help his wife before she sold her property.2.

In my eyes, all of the same diligence is needed in regard to sponsor and deal(s), but add to that prior operations by that sponsor, current financial analysis, current valuations in today's market with very limited trades happening as comps, what the effect of waterfall and fees will have on that position once you take over, etc.

I agree with both prior posters.

This is assuming the house is paid off prior.