It has a full studio casita out back that will be an LTR.I plan on buying 3 or 4 investment properties this year after I learn more on the co-living marketing and rent collection side of things.

My plan would be to keep the front waiting room as a small commercial space and the back offices as efficiency units or studios. 

By then I expect to have a clear plan so I can move into action.

Liquidity is important if this is money you plan to put to work in the near term. 

I think the ultimate situation for what I described above (not the plan, but a possible outcome) could look like this:Rent main house by the rooms while constructing ADU.

If you plan renting out this property, that cost recovery comes from cash flow (equity doesn't count). 

I’m based in Utah and plan to invest in long-term rentals in UT, OK, and/or TX.

I plan to put a $600 utility cap in the lease.

What are your thoughts on this plan?

Currently working with a mentor, and I plan to give him a chance before I jump to something else.