As an update, I am getting a local foundation person out there and will update here with any findings.

You have come to the right place to begin your investing journey.Have you looked into attending local meetings and joining Facebook groups?

You could then get a HELOC/LOC on that paid of property (a product that doesn't require you to use it) and then if you did have a big emergency you had a line to use on it.Now, ALL of this is dependent on how much money you have in the bank, how many properties you have, what your income will be like in retirement, what the standard age would be for your end of life (that's a scary one to think about), and while yes, you can certainly take equity out I just think it would be good to sit down with a financial planner...or even some other investors that are local to you that are around your age demographic and see what they are doing.I'm glad you are thinking about this for sure.  

I’d also recommend networking with a couple local investors in your area, including a few agents and one lender. 

Hi All,I am looking to convert the basement into an ADU hence I will need to interact with local authority in order to obtain the building permit.

@Alex Ng  Not sure if you're local to Birmingham, Alabama, but if you're an out-of-state turnkey investor, tread carefully.

It is basically everything I do in my local market....I'd love to go with a local property manager but they hide behind fair housing laws and say the property owner cannot refuse whatever tenant they pick.

Stay up to date on all laws, federal down to local.

I know a local investor who also does zombie foreclosures so you're not the only one!

To succeed in Cleveland's short-term rental market, research local regulations, analyze potential locations, find ideal properties, build a network, plan renovations, stay connected with BiggerPockets, focus on modern bathrooms, cozy outdoor spaces, and practical amenities.Good luck!