Working with the city to find a solution.Unfortunately, most agents may not understand the legal property status nor actually know how to find out what it is.

I see that kind of structure (maybe different splits or thresholds) with first time LPs - it's generally simpler and easier to understand.

Again, all answers that might be better answered in private.You are correct that a lot of lenders just don't understand how we work as investors but that's why some of us hang out here. 

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

I would hesitate to say 1-2 years to rotate out but closer to 5 years, and ideally I'd try to get the downpayment higher to at least 10%.I understand your areas though-- they're expensive.

Making sense of the deal and understanding their track record is important, of course, but I believe you should develop TRUST before you invest.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

I never go off of a flat percentage on anything, I analyze the costs to get to a specific return I target and analyze the risk that is involved. 70% may be an initial metric to see if it is even worth pursuing, but every deal should be evaluated independently based on costs, time and risk involved.

Market, Budget, and time commitment are important to understand before you commit. 

This could involve offering a higher interest rate in exchange for reduced upfront costs or deferring payments until a certain milestone.If building right away isn’t feasible, consider buying the lot now with the goal of paying it off over time, and save up to build when rates and budgets align.