The markets you mentioned in your initial post in this thread are great markets, but they're all heavy on appreciation and light on cash flow.

Emphasize how this arrangement could work to their benefit, offering steady income, avoiding a traditional sale process, and giving them the freedom to move forward with their plans such as buying that sailboat and sailing around the world.If they ultimately decide they’re not interested in selling, you’re still in a great position to continue your search and buy your own property in the near future.

The main issue is that to do the ADU you have to spend so much bringing other items up to code like electrical, plumbing, lighting (windows) and egress.

Plenty of people invest remotely, and as long as you have modest expectations (not chasing the highest possible yield), and are using light leverage, and don't get suckered into buying in a part of town that you wouldn't feel comfortable visiting in broad daylight, plenty of people do this and do... fine.

A cash out loan would have 6+ months typically and if it is a traditional loan it would be 12 months.A DSCR loan will not work for what you are trying to do.

Happy to report I took back possession with well over $140K in equity.Thanks for shedding light on the creative side of real estate.  

You don't have to fit into a traditional "avatar" box to bring valuable insight, so don't sell yourself short. :)This is especially true if you rely on furnishedfinder.com as your primary lead source (which you shouldn't, but that's another post) as when you make that connection with a prospective resident, you are selling yourself as a landlord as much as you are the property as a place to live.

I've been doing some light reading, and it sounds like refinancing that property and using the proceeds to reinvest elsewhere might be a better option. 

I have cat and a dog back then and it was listed on my post I asked her to either close the window or contribute a little bit with the light bill and she ignored my messages even though I asked her like three times so I gave her a three day notice.

Financing options do exist: hard money loans, renovation loans, and some traditional mortgages can be used on distressed properties if criteria are met.