It is a very simplistic way to get people to understand the power of investing.

What your CPA is saying aligns with what I understand to be true.However, you are just at the start of your journey. 

Once you understand the law then you can decide whether or not to get a RE license.

Thank you Joe, if it was just me, I wouldn't worry but I have 2 of our kids involved so I don't want to screw up for them and I don't want to screw the renters. 

As far as I understand insurance protects you from different things.. and yes, we are definitely getting good insurance (umbrella policy for just one property?)

Quote from @Herrison Sitorus: Hi all,Recently got involved managing a rent stabilized property.

Hey @Jon Pflueger - your best bet will be to retain an architect, they typically have a good understanding of what's feasible and not in a specific zoning/area + will know how to handle variance permissions and etc. 

Even if you did entire build yourself, I think you are looking at 2.5 times your estimate and a lot of work and time.I suggest you go to some meet ups with an emphasis on understanding the value added by ADUs.  

I understand that the county is in process of revising policy, but a couple of questions.

They collect the rent, deduct their fee and any other expenses they are allowed/required to pay on your behalf, then they distribute the remaining funds to you.It's critical that you review the property management agreement and understand what you agreed to.