There's are four founders and they're all incredible people & attract a great group.https://www.eventbrite.com/e/503432118017 (https://www.eventbrite.com/e/503432118017)The Elite Investor is one I've been wanting to go to however have not made time to.

Due diligence is so incredibly important.

Let's set that aside for a moment and go back to your 4-5 year hold timeline. 

It sounds like you'll appreciate quite well and have an incredible rate.

From a lender's perspective, that type of loan would be so incredibly complex that it would have to really be worth the lender's while to even consider doing it.

@James WiseHey, I just want to say I was told in another forum post I am mean and it was irresponsible for telling a potential homebuyer who did not have earnest money deposit that if you don’t have the money for earnest money deposit that should not be buying a houseBecause a 23 year old living with mommy and daddy’s mansion says they buy all the time with no money down….So why you trying to kill their dreams - Lightbulb moment!!!

You bring up syndications at an interesting time, given the many established ones that are running into issues at the moment.  

Building Codes and Permits: Insights on navigating local building codes and securing permits for this type of conversion would be incredibly helpful.Potential Pitfalls: Are there any common issues or unforeseen challenges I should be aware of when undertaking a project like this?

At the moments, I'm looking at 2 properties both in California:-  First one is a beautiful, bigger home, completely high-end upgraded, in a higher value area with a good school district, and of course it comes with a higher cost to buy, rent can only cover the monthly expenses (mortgage, insurance, tax, etc), this one is expected to have higher appreciations in the long term.- Second one is a decent remodeled home, smaller, in a lower value area, I can get it without financing (pay cash), so it will cash flow (about $2200/moth after all expenses such as tax and insurance), it also has a potential for an ADU, but future appreciation is not as great as the first property due to location.

(Minor upgrades I could handle) I don't know any contractors at the moment.