Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

Congrats on getting started!

I was watching a Youtube video by Rob Abasolo that you may like to consider called "How I'd make $10,000/month on Airbnb if I lost everything and had to start over".

If you are just getting started here in Chicago, house hacking is the ideal situation.

I exclusively work with out of state investors like yourself to help them find some great properties to start/build onto their portfolios in the Memphis market. 

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

And I understand that there is a person here on BP that started a meetup for St Joe, but I have not seen them posting it lately..

Hi Drake,You are in the right space to get started, so congrats on taking the first step.

I am ready and will be starting with property number one sometime, hopefully, quarter one of 2025 with a possibly 2 bedroom and 1 bathroom single family home; as this is within my current budget.

Start with the list criteria that will put you in front of likely sellers.