And as investors we should know this, but always anticipate higher costs and longer waits.EXAMPLE Breakdown of Costs:Plan Purchase: $1,500Permitting Fees: $2,500-7,500Site Preparation (grading, utilities, foundation): $20,000–$30,000ADUs require separate utility connections for water, electricity, and sewer but you can tap into existing utilities at the primary houseIn Raleigh you CANNOT split lots fee simple, so setting up completely separate utilities would not allow you to section off the ADU as of nowYour ADU must be on a permanent foundation (no wheels, no ability to move the structure)Construction (labor and materials): $100,000–$150,000Low-grade: $150–$180/sq ft averageMid-grade: $180–$220/sq ft averageHigh-end: $220–$250/sq ft averageLandscaping/Finishing Touches: $5,000Total Estimated Cost: $125,000–$200,000You could easily spend $200k+ with super end high finishes, custom designs, complicated sitework, adding a second story or more sqft, etc.

A few reasons I choose to bank with them:-Very easy to set up business bank accounts under my LLCs-Option to create virtual accounts under each LLC.

Your first location will help you set your systems up. 

Since you’re planning a mix of long-term and short-term rentals, keeping detailed records and setting up a solid system for managing finances early on will be key.

Pretty sure it works in reverse also - set up a Michigan LLC for the property above and you'll have to register it in your state of residency. 

A piece of advise if he lays hands on you or your son immediately go to court and see if it qualifies for a peace order or similar. 

I feel like it's a space where great operators can really clean up, since the bar is set really low, in my experience at least.

Also, setting up an S-Corp could potentially save you on self-employment taxes, but I’d suggest chatting with a CPA to weigh the pros and cons based on your income. 

For property security reasons, please send me a photo ID and your number, I'll be happy to call you and set up an appointment after I talk to you and go over a few pre-screen questions.

It’s what I used to do for family and business partners—helping them set up projects to scale and run efficiently—and I’m excited to apply these skills to my own portfolio.Let me know if you’d like to connect further and chat about ideas or collaborations.