@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

So just something to think about.I would be looking hard at their financials, and I would look hard at what capex is needed. 

If anyone needs to partner on a deal for whatever reason (logistical, financial, etc) shoot me a message.

I did purchase my lot in cash.For the financial side, there are different options, and I am far from an expert. 

Quote from @Tom Hall: My mortgage rate is very high  and I would like to pay some of it off, so that my monthly payments would go down a bit, I dont know if it is financial smart to do it or not?

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

From my experience, when I dive into the costs associated with building an ADU—including construction expenses and financing options like hard money loans—it often doesn’t make financial sense.

Depending on your market it may not make financial sense at all.

Any additional screenings or criteria should be consistently applied to all applicants to avoid potential discrimination claims.Rental application fraud can be a significant threat to the financial and operational stability of running and operating a property.

Private funding from a relative may provide flexible terms and reduced financial risk, but formal agreements are necessary, and interest paid is deductible for you but taxable for them.Traditional investment property loans offer stability and tax benefits like deductible interest and property taxes but require larger down payments.