Make sure you are handling the security deposits correctly.

Based on your numbers, this seems to be a Section 8 duplex, is that correct?

In general, i think Stuart is correct.  

Seeing your property is in the correct zone in the future.  

If you don't have a deep pipeline, its very difficult for any builder to maintain a steady flow of builds.

While PM itself won’t create significant wealth, it opens doors: when clients sell, you list the properties; when investors buy, you manage and maintain their assets.

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

I'd consider doing some kind of cash out refi on the property at a number you're both comfortable pulling out, while still leaving $ for reserves to maintain the STR you currently have.

These are typically 'non english-speaking' neighborhood so to speak for political correctness. so parking while already become a problem, but adding ADU in that neighborhood would not become a problem because 'everyone knows each other' everyone has their own unit.But that ADU thing, is bit uncommon in 'english-speaking neighborhood' LOL, so that's where "some" people is complaining about parking space and so on and so on when one home is building ADU.For me, I prefer to have ADU on the hill side, now we have 15 car space and from one neighbor to next neighbor is like quite distant.

Maintaining that relationship beyond just the lease up process and whenever the tenant has a maintenance issue or lease expiration completely changes the dynamic of the relationship.