And because the information was not specific to my region, sometimes it was incorrect. 

Find Lender that will refinance at 75% LTV in less than 6mths (Portfolio or CU) - Incorrect. 

Incorrectly. 

Are they incorrect? 

I assumed incorrectly as it's been made clear buyers here want a fully finished product to just move into. 

First of many i hope :) 1 - your buddy is not incorrect.

I asked what he knew about local LL laws and more incorrect than correct info was his response. 

It looks helpful but it's just incorrect, both of their comments.

This is incorrect with you an adu license, no 2nd stove, wet bar, microwave sure, but 2nd stove requires an adu license  

That happens when something has produced a good return for many years.However, to imply that is has been a poor buy n hold investment location is factually incorrect as it has produced near the top return in the country for this century.