I’m on the hunt for my next primary and would like it to be a project. 

This is an investment property of the seller, not their primary residence.

An ADU is a secondary dwelling unit located on the same lot as a primary residence.

Quote from @Nicholas Dillon: Hey guys,I own 2 LTR properties, plus my primary home that I rent out half of the year while I live in Indonesia with my wife, who is Indonesian.  

How long it takes to be financially ready is different for everyone.

my condolences on your recent lost.there are a few ways you can do this, as mentioned above you can take a heloc on your primary residence which will give you a second mortgage, first mortgage payment wont be impacted. you can do cash out refinance which will give you one mortgage and payment. it will pay the old mortgage and give you money in your pocket to pay for the rehab.or you can do a renovation refinance which is similar to cash out refinance but we would contractor involved  as part of the refinancing and they are paid through the loan

Well aware of the ins and outs of real estate and different entities. 

@Jay Hinrichs you are correct and that is the difference in 41,888 post and my 1,444 post. :) 

I do have some balloon notes on a few properties, and I’m wondering if banks might see refinancing as risky since my primary income now comes from my rentals? 

I own my current primary residence & have about 140K in equity.