For this reason, I prefer to plan renovations when a long-term tenant moves out.

Typically, we steer away from pet deposits in preference of pet rent / fee.

The only drawback from this I see besides needing the cash to fund it, is for an investor who prefers to get all their cash invested back from a deal will more than likely not get everything back at the end especially if they contract everything out ( the lowest quote I got for the ADU was about 60-70k but that was just an estimate and could have been more).Average rent for ADUs in my area:1 bed 1 bath- $1000-$13002bed 1 bath- $1300-$1600Something tells me they can go for a little bit more because I had tenants bidding for my unit within the first week of construction.

The one you select really depends on your needs and bookkeepers preference.  

You can also do this on a refinance.Else, you can find private money, take out a HELOC if you have a lot of equity, go hard money and then refinance after, or see if your preferred builder offers financing.

I do some of that and own some too, but I always prefer my long term rentals.

I typically prefer to find and vet the deal and pass it off to local.  

I prefer to not hire an attorney unless I must because I am afraid it will cost a lot of money.

Some funds offer preferred equity and common equity in the capital stack.

I have one rental and actively looking to invest in another property, preferably a duplex in the Detroit area.