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In fact, the rehab will cost a little more than the purchase price.

Have a Contractor come and look at this...if the ground runs backwards towards the house it can cost a fortune to fix and in some cases it is not even possible and then you're screwed....

They can set up the LLC(s), review the mortgages (if any) on your current properties, and quitclaim them to the new entity.Yes, you can do this yourself, but my attorney did this for me years back, which cost a few hundred dollars.

Otherwise, it's about as low cost as it gets. 

Quote from @Jeff Costa: @Nathan Gesner When is BP going to give you a podcast?

Some were imported from a far away land and cost a lot more.

From there we typically just ask the seller how low can you go because it will cost a lot to restore. 

@Mike Neville  thanks for the  post ...answers:   1)   you can use a  standard rental property  purchase loan  to acquire the  house - min down payment is 15%  of the purchase price ...monthly mortgage insurance required if down payment is under  20% of price  and  rates/ fees  are higher than  regular owner occupied loans  2) I am  not aware of any local  loan programs that  will provide  funds for building a DADU or ADU  on a rental  property  3) I am not aware of any program that  will allow you to combine the  acquistion  price and development cost As you mentioned  regarding your friend / partner -  most  investors doing this will  utilize some other funds  source  for development and building funds   ( heloc ...savings ....HML ( hard money loan ) ...family loan/gift ....credit card ...personal loans ...leverage  other properties ...etc....) thanks and good luck

Every week sounds like it would cost a lot of money.