I love the added pro and con list!

Quote from @Tanner Pile:  @Eli EdwardsJust like Tanner said, a quitclaim/promissory note must be added to the property.

Plus the added requirements around getting drawings and general contractor for even adding a tiny closet.

If you plan to sell it in the near future, I would focus more on the added value overall. 

In the past 10 years, Ocala has greatly improved the employment base, adding tons of logistics and distribution jobs on top of the medical, service and equestrian jobs that we have always had. 

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

My wife continued to be the administrator of record with the state as we added homes to our portfolio and she would assign the house manager as the administrator designee for the home. 

You can cold call, door knock, do social media ads, mailers, network, etc.

Now, if she had someone she implicitly trusts to manage it, as though she were present, that might work, but the added costs would probably make the endeavor non- profitable.  

In southern CA, even garage conversion ADU additions are typically costing more than the value added.