Private Money or Hard Money LoanHow it works: Short-term loans from private or hard money lenders to purchase the lot and finance the construction.Benefits: Easier approval and faster processing, focusing on the property value rather than your income.Downside: Higher interest rates and shorter loan terms (typically 6-18 months).

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

The partials we purchase are usually on shorter term notes i.e. 120-240 month terms and investor loans to other investors that typically put 15-25% down. 

Picking up flexible part-time jobs to qualify for a mortgage is definitely a smart move, as conventional lenders typically look for consistent W2 income.

If this is the case then typically you only have to comply when you make alterations.2.

@Zach Howard some copy & paste advice below:)-------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Example: $500k home sales price, typical buyer agent commission of 2.5%, meaning buyer agent commission is $12,500.

For a new agent to land a listing they typically over promise a seller a high price to win it and then spend money trying to find the magical buyer to purchase it.

What you will find is they typically appraise for far less than the hands off cost to add the ADU.  

Typically, it’s reasonable to deduct for things like deep cleaning if the place was left pretty dirty.