I work for a medium sized firm in California.

Your name would not go on anything, just need someone to review and advise on best course(s) of action.Also, not sure if there are nuances with California but experience with that state would be a plus as a noticed this: https://www.ftb.ca.gov/file/personal/reporting-like-kind-exc...Thx!

I live in southern CA, and for that reason, I can't invest locally.

Time to recover investment: around 10 years if I rent it for $1700 - paying cash.Cons:Impact on Primary Residence: Construction can be disruptive, foundation is old, and having tenants nearby might affect privacy.Time to cash: The rental income will be delayed by at least 6 months as I'm building the ADU.Tenant risk: California is tenant friendly and eviction can be difficult.

There are so many threads on BP of investors in the northeast or CA who bought a random midwest property because it looked great on paper and got crushed by deferred maintenance.

Not in California, not in Houston, not in Cincinnati. 

I have been a General Contractor for 40 years in California.

Here is our first deal:- We each hold 50/50 of the property on the title (I contributed 80% of downpayment, and he was supposed to contribute 20% to the downpayment, and we got a hard money loan)- after we sold the property, I had to fill out the 539 form for withholding tax in CA.- The partner brought in a cash contributor for his portion (let's say A, who got 50% of my partner's profit, basically 25% of the profit) to the deal and put a lien on the property.

I live and invest in the East Bay Area, CA. 

I leave in California.