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.

Here's an example process and timeline for New Jersey: https://www.doorloop.com/laws/new-jersey-eviction-process

Obviously would be a slower process, but would create very little debt hanging over your head.

Like you, I’m diving into books and podcasts, but I also believe there’s immense value in learning alongside others and gaining hands-on experience.I’m in the process of connecting with like-minded individuals to create a community of new investors who are eager to learn, share knowledge, and even collaborate on deals.

It can be a drawn-out process, but it might get you closer to that $500k value.

Thanks again for your input, and I'll probably reach out as I get further along in the process.

The planning process can take a very long time!

It has been good to be brought down to reality and realize that there will be many struggles during the process.

The process for commercial properties is basically the same as residential properties, so it takes work.Again, echoing Dominic, a good investment is a good investment, whether you spent 8 months courting an owner to get them to sell to you, or whether it is on CBRE/Cushman/Marcus/Loopnet or any other brokerage website.  

I think if you can nail that down you will be able to find a market easier.As a buy and hold investor some of the things that were important to me when deciding on a market were landlord tenant laws, price to rent ratio, housing demand, ability to build a team, large population 500K plus, multi-family availability and some other factors.take the process step by step and you will be fine.