There are countless short-term rentals sitting empty there. 

What should I keep in mind to ensure I'm approaching it the right way?

I have warned countless people that the "new", "Cheapest", and "shaking up the insurance market" carriers typically come into the market under priced, have a wave of claims, then they either jack up premiums to survive or fire their staff to keep heads above water.

It's best to approach 2-3 lenders to compare their rates, terms, and loan programs.

I would keep detailed records of my deals to include photos that I could use later when I am approaching a potential funding partner.

I am currently working on phase 2; building 2 ADUs.The permits are already in the works but the biggest question is what is the best approach when funding these 2 ADUs BEFORE I have the equity from my home?

Curious to hear any creative approaches that have worked in today's market.ARV and future value are speculative so when I am looking at property I am looking at it for longer term - does it fit within my strategy based on conservative estimates.

Cost approach A straightforward method that adds the cost of the land to the cost of building construction.

How do you approach educating people on the realities of the business? 

I could tell you of countless others doing the same at scale.