Like someone else said, your RE licensure exam is going to touch on creative financing in a very surface level way, if at all.

As an investment property owner, this means less maintenance and fewer unexpected expenses from storm related damage, often resulting in more affordable insurance premiums, less wear & tear on mechanical equipment, roofing materials or exterior surfaces.

Our lot size is 7300 sq ft and main house is 1700+ sq ft.Location: San Jose, CA- We were thinking to potentially design the ADU such that we could have a wall (or a door) that allows us to separate the ADU into a 1 bed/1bath for self use (or rental) and another part which could be rented separately on AirBnB as needed.

I got that number off the wall! 

I expect it to be moderate size rehab which to me means no significant plumbing or electrical and no walls being added or removed.  

Otherwise you may be put into a situation where you have your back is against a wall and you have no way out.

Backs are against the wall on the inventory issue, and there is no way around it.

We removed a few walls and made it an open concept home.

It appears you still have your SBF poster on the wall above your bed. 

You might have a home that literally takes one dividing wall of 2x4s and a kitchenette, or you might have a home that you need to add exterior doors, breaker panels, relocating utilities, etc.