I’m looking to access some of the equity in the home to buy out my ex-partner, and my goal is to either convert the house into a multifamily property or add a dwelling unit (ADU).I’d love to hear any advice from the community on the best way to approach this, particularly in terms of financing options, legal considerations, or any similar projects you've completed.

These type living arrangements are primarily short term until user circumstances change

Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most.

A short-term rental with a stay of 7 days or less + Material participation =also non passive.

I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range.

I'd buy and hold the property long term and use the equity you gain to buy more property.

Used PSI last year, they did a bad job, the snow wasn't even bad last year and with several attempts asking them to do better within the terms of the contract, they still sucked. 

The insights shared by the Realtors, @Zeke Liston, @Jimmy Lieu, @Nathan Gesner, @Samuel Diouf, @Sam McCormack, @Min Zhang provide a solid foundation for anyone starting out in this industry.From a property management perspective, it's great to see you're considering the long-term rental strategy.

I think it would be better just to stay on good terms and let him know you will contact him when you are ready to sell.

A variety of things could have caused this.That said, what you've described above is not so untypical in terms of the steps of the process for a fix and flip loan.