Without knowing more details about the specifics of the project being proposed as it relates to your property, it's hard to say if there are any obvious big red flags that could negatively impact your property's future value.That being said, I would try to find out as much information as possible about the new apartment building's design and layout - the two big things I would try to ascertain would be the location of the garage entrances/exits, as well as the location of any outdoor amenity spaces (pools, terraces, dog runs, etc).  

If it’s like socialized medicine, it just a matter of when the leftist control both the executive and legislative branches.  

They may also not account for finishes, or budget appropriately for required permits.Try googling "Comparing Quotes and Proposals from Different ADU Builders" for a full list of what to look for (I can't link here because it's my own article).

One of the latest is a law that proposes all tenants can have a pet with no additional costs.  

Typically DSCR is minimum 20-25% down, they will utilize a proportion of the current or proposed rental income to qualify.I'd have a second look at the income for full documentation qualification as well..there might be some other ways to qualify income..including asset depletion..

What career choices would you propose for someone in my position that would help bolster my learning?

Should I create an LLC in another state, like one that has an LLC friendly legislation?

This does not imply that you are not on a workable offer, but you are not that close as proposed. 

@Ashley MadaloneI may not be understanding what you're proposing... but there is no $2M deal that nets someone $240K a month. 

Looking for other ideas, and structures that would help achieve a successful partnership.Thanks DougThat's actually a lot going on.What I think you are proposing is to have your in-laws sell their existing house, buy a new smaller house with their money, sell the house to you as the landlord and they rent from you.