This is my first project that I'm doing on my own - 425sf addition + upgrading existing house.

I am in the process of purchasing my first STR. I found a condo I like that already is an established STR. The seller is booked out until August. She said the way it would work is she would add me as a co-host on her ...

Does that exist in the southernmost tip of Texas?

In one of the podcast episodes, I remember them saying that if you are trying to avoid raising rents too high on an existing tenant, you are better off renting at the full amount you can and then giving them a discount on the rent.

@Henry Clark, not exactly applicable to your start of this post but in response to this last reply, do you think its better to build still than to buy existing?

@Jason DiClemente are they tearing off the existing shingles or are they laying shingles over it? 

The house appears to have an existing loan on it.

(Again, you could be comingling, depending on what your plan was for this).4th issue, in trying to keep the existing parent LLC functional for potentially both, it makes it unclear the purpose of the LLC in the first place (this is something typically indicated clearly in your Operating Agreement, assuming you have one).  

Other issues with adding an ADU:- in many CA jurisdiction the existing home becomes rent controlled.  

Someone somewhere must have kept logs of any construction going on  & if homes or other buildings were being built somewhere before city hall & computers existed.?????