I have seen this same house that is vacant (all the classic signs) I have located the owner ( I have not reached out to her yet).

(Previous rent was $1,300 but we're about to put in a brand new kitchen from the studs, new flooring throughout the house, new furance, adding A/C, etc).So do we just pay for it all upfront and mostly drain all of our savings, or do I let the rent pay for it and utilize our other savings to get a second property this spring/summer to increase our cashflow? 

I live in Tacoma, WA…a lot of folks don’t want to deal with having to learn the local housing laws.

House and condo.

I think if you can nail that down you will be able to find a market easier.As a buy and hold investor some of the things that were important to me when deciding on a market were landlord tenant laws, price to rent ratio, housing demand, ability to build a team, large population 500K plus, multi-family availability and some other factors.take the process step by step and you will be fine. 

It isn't worth it for them.Another interesting option is to save up and house hack locally.

Have you sent your material list to a supply house to be quoted, have you arrived at a quote with your subs?

I'd guess I could sell my house with ADU for 650-675.

For the reason Henry mentioned, you need to screen anyone over 18 living in the house. 

I have 2 options:- finance the construction pre-selling the apt, and take my profits (expected to be around 700K pre-tax); or- finance the construction with a 6-7%/year loan (collateral = my house), keep the 10 units, and once the building is completed in 24 months, rent them for circa 180K/ year gross.