My wife and I are officially under contract with a new primary residence, with the goal of moving and then turning our current home into a rental.

I reside in NC and the property is in NJ.

I currently own my primary residence and have about 60k in equity.

300k purchase + 10-15k closing + 80k remodel + 5k for refinance costs. 80k remodel number I got from my father who is a general contractor in the area. 500k ARV x .80% refi (because it would be my primary residence) = 400k minus 15k closing, 80k remodel, 5k refi cost = 300k my original purchase price.

There are less restrictions in North Las Vegas and Henderson.The city is very protective of the big casino/hotel operators, and rightfully so. 

To make the job flow easier, but also (mainly) to protect myself if a customer changed their mind later ( which was common).

Find yourself a good team who builds ADU's has a project management team and of course has all the licenses and insurances to protect your property.Quote from @Michael Adamo: Hi BP Community,I’m exploring adding one or two ADUs to a property I own in the Miracle Mile area, near 3rd Street and La Brea in Los Angeles.

That means either you won't cash flow or your Return on Equity (ROE) will be terrible.Since this is your primary residence you'll be exempted from paying capital gains taxes when you sell.If you sell to your parents, it will be considered a non-arms length transaction and will get closer scrutiny.

From talking to locals, there's a couple of issues than need to be addressed, some are the non-ecological practices that some of those developers have, unfortunately, our government profits from this investors and allows them to destroy manglers (which are the natural water purifying system of that area) dismantling hectares of mangroves and degraded the habitat of resident and migratory species burying animals alive.There's proof of fecal material floating beneath the city of Tulum, only 20% of the water is sent to the water treatment plant, there's no infrastructure for the exponential growth.The landfills in the middle of the jungle that is leaking hazardous pollutants into the freshwater system and that something that developers won't tell you.I love my country and it would be a disaster for everybody if this place ends up like some other great beaches around the world, that are completely ruined by greedy investors not following the rules.There's no urban or comprehensive master plan, and one of the risks is that Tulum will be like Playa del Carmen is today, overgrown and with environmental devastation.I will advise doing a lot of research before getting something in Tulum, different country, different rules, and practices.

Investment Info:Single-family residence fix & flip investment.