I would hate to be forced to fix an expensive POS item right away. 

Its a possibility but would need some more infoWhat is the pad rental income only along with the other items below which I need for pricing.Property Address (so I can view the property and confirm that it isn’t rural):Your Approximate Credit Score:If occupied by tenant(s) what is monthly or annual income:If you like you can PM me too.Thanks

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

Umbrella insurance is crazy cheap for the benefit, and it already requires you max out your liability on your other covered items.

I suspect the owner could sell the property to a third party free and clear of your lender's claim to the income stream. 

The local law says that the non owner occupied property being rented will need a designated host that may or may not be the owner however that other line item in the code that stipulates that the host must be available within 30 min driving while the unit is occupied becomes the dealbreaker.

Have a warehouse currently for a business I do(I order pallets of items and resell) but getting tight on space.

This of course depends on your starting bank roll - but if its like mine (under 100k) - Im trying to put as little as possible into it on top of initial equity and fees.this will likely chew a big hole in your ROI  (now if you are looking to improve value with a cash out refi or a great prospect comes along that needs combo new plumbing, roof, windows, foundation repair, etc - well just make sure you know what youre getting into and/or have a good contractor and finger on the pulse of the market when estimating the ARV YOURSELF - couple missed items and you risk having a bad first investment and not doing it again).    7) dont be scared be ambitious ( i should heed my own advice sometimes) 8) define numbers goals within your target areas.  

He further said it should NOT go to eating out or buying other items  and for sure should not be used to quit your job ( which is so popular mind set)Mr.

Don't buy anything without a spectacular mountain view, unless it is on a trout stream.