I would right down what your strengths are and your network as well and then formulate a plan on which path to take.   

When you have a clearly defined goal, formulate a plan and take the first step.  

We just have to formulate a strong investment group and pool resources. 

Just in the process of formulating exactly what I should be shooting for?

Great advise and insight.This gives me more assurance in formulating a strategy for this property.I have the ability to make an all cash offer to close, that's why I was wondering how low I should offer to begin with.80% of the listing price could make the numbers work, but I need to find out what specific work needs to be done, ie: non-permitted work that might need to be torn down, plus rehab costs etc.The current listing price is slightly above market comps then you add in rehab.

This will allow you to formulate the LLC during the inspection period. 

Based on your answers above, then formulate a plan to reach whatever goals you set.Hope that's helpful. 

I haven’t checked to see if there have been many ADU properties sold in the past year or so in the Minneapolis area, so it may be a non-issue, but it’s always worth it to keep in mind that an appraiser is paid to formulate a data-driven opinion (opinion being the operative word here).

Spend the next two days formulating that plan with an attorney and then request the current owner to execute the plan.

@Sean OtooleIs there a certain criteria that you have found to work best when formulated your list?