I dont know the delivery time on a ADU but I'd assume same with site plans and zoning. but how do you get your money out of that?

The parents owe roughly $40k on the mortgage. 5.

Otherwise, just go through all the local/regional banks.   

Albany, Syracuse, Utica, OH, PA, etc.) for cashflow.The challenge in these markets is that demand is through the roof, and many properties either sell at the asking price or above the asking price (Suffolk's sale price average was 1.5% ABOVE the asking price).If I were in your shoes, I'd explore local and remote multi-family options before considering the mid-term rental route.All the best!

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

You're the buyer at this point, until the contract is assigned.3. 

I’ve been part of the BiggerPockets community for a while, but this is my first post.

Nice to meet you I'm almost halfway through "The book on rental property investing" by Brandon Turner and it's really open my eyes to real estate! 

Overall, your next actional step should be attending local REI meet-ups.

Hi Leo, its been years since I closed on a HUD property but you close on the property as soon as title is ready like any other property.