Photos, permits, a Clue report, walking inside tells a good deal of what exists.

Not sure if one exists.

You'd need to go with a cash-out refi since they purchased in cash and have no existing liens.If this is going to be your primary residency then I'd recommend the HELOC advice from above.

Buying into existing tenants can be very risky.

You may be able to just add a sub panel or move some existing circuits to tandem breakers to create space.

I'm trying to decide between building an Accessory Dwelling Unit (ADU) on my existing property (secured permit) and investing in a rental property in a cheaper market.

It's not a myth, this problem exists in all RE investing. 

@Justin Whitfield I’d first forget about FiRE status - it doesn’t really exist without large trade offs that you’re likely not willing to make.

Renovation PlanScope of Work:Convert 0.5 Bath to Full BathEstimated Cost: $7,500Details: Add shower or bathtub, update fixtures, ensure proper plumbing.Add Bedroom in BasementEstimated Cost: $15,000Details: Install egress window, insulate, add walls, flooring, and electrical work.Replace DeckEstimated Cost: $3,000Details: Replace existing 8'x10' deck with new one.General UpdatesEstimated Cost: $45,000Details: Update kitchen, bathrooms, flooring, paint, fixtures, and necessary repairs.Total Renovation Costs: $70,5004.

I’m creating policies and procedures now and I’m on a quest to find the things that landlords don’t seem to appreciate from other existing property management companies, so that I can build being different into mine.