A non-performing note is unlikely to produce cash flow but profit can be harvested from enough protective equity.

I self-manage and produce $700 in pure cash flow each month.Lessons learned?

Same logic applies here as it does to your previous experience, there's just simply an added layer of the income produced by the property. 

Adding amenities like power, water, and a barn or pavilion could increase its value as an event space.Farm-to-Table Experiences: If agriculture is possible, create an on-site farm-to-table business where people can visit, harvest, and eat fresh produce.

Case Shiller indicates no US location has produced a better return than San Fran, LA, or San Diego for this century.  

The automobile existed for decades before Henry Ford produced the Model T.

I am in the begining stages of producing a conce0t drawing for the rental property.

We believe in procuring revenue producing real estate.  

This amounts to lost opportunity because if you had purchased RE, at the closing it can start producing return. 5) ADUs detract from the existing structure whether this is privacy, a garage, or just yard space. 6) this is related to number 1, but there are many more buyers looking to purchase homes for their family than there are RE investors looking to purchase small unit count properties.

A deal that produced a 25% net IRR to investors with a 1% acquisition fee, 1% asset management fee, simply pref + single tier waterfall, etc, may only produce a 15% net IRR under the current fee and carry structure, if their acq fee went to 3%, pref went down, they now have a GP catchup and multi-tier waterfall giving them higher splits for higher returns, etc.