My wife and I come from a manufacturing leadership and project management background.

I actually look at this section when I'm doing a market analysis.

I was wondering if you found a lender, and if so, how your project is going.

And the cracks mostly follow the drywall seams from what I can see, which is typical....And as @Patricia Steiner said, it doesn't look like a pro installation....You could ask the Contr to use a flexible compound if this happens again, or maybe even now...https://www.dap.com/products-projects/product-categories/pat...Like everyone else said, I'd have it repaired - by a licensed Drywall Contr. - and then just check in on it.

From there determining what you have budgeted for your first project.

I also have some investor agents that send me off market deals via email on a weekly basis – which are also good to practice deal analysis. 

Part of the investment thesis was getting it for a bargain, then building an ADU complex on it as affordably as possible, getting it to cash flow, and realizing value on both the rental income but also property appreciation given the work going into it.If the property will really only be worth ~$1.70M once we are finished, I will likely just stop the project now and exit the house as soon as possible.If you do not get dollar for dollar for projects such as this, how would house flipping ever work?

To get things started was curious from those that have already taken the leap as to what type of secondary analysis you all are doing when you find a potential property?

That's a steal, if you were going through me we'd be at 75-100k for this huge project.

It won’t take as long as you think. if you can wholesale a few properties you can get enough to support you in a small project while learning the ins and outs.