As far as I’m aware, there are no permits for the initial construction of this structure, where can I look to verify this and if there are indeed none, how much of an impact would this have on converting the property into an ADU?

Property Class will have an impact on this, see below:When investing in areas they don’t really know, investors should research the different property Class submarkets.

Obviously the location of a property doesn’t impact the down payment/financing but there is a property 2 doors down from the property my wife and I just purchased and started renting April 1.  

Just not sure whether (and what if so) there are any impacts to the mortgage/insurance company I need to be aware of, etc....

You could probably afford $20,000 without much impact on your budget.

It looks like the school referendum will have some impact on property taxes, but the decision to increase rents should not depend on your cost, but on how far you are way from market rent.

The shorter the prepayment term has an impact on increasing the rate.4.

Also, since you rely on this income, you likely aren't prepared to weather VERY negative situations such that they could have a significant personal impact on your own personal financial situation. 3.

If you get down to where you are thinking, "We might only own this for 2 years" those expenses don't get divided up by many months and could impact the analysis of what is smarter to do... because you will probably pay double those fees when you sell it.  

The special allocations must have "substantial economic effect" (essentially meaning that cash flow to that partner could be impacted somewhere down the line by the allocation) When you start getting into partnership tax law and special allocations it is probably a good time to loop in an attorney and/or tax pro.