My regret is not buying one in Hawaii or somewhere else where my family could spend some vacation time.

@Laura YelinI’ve never been, but when considering new markets I usually just fly there and spend a few days there scoping it out.

Expect to spend another ~$8K for that.If you are planning to close all-cash and bring enough cash with you for operating expenses and rehab, you are looking at a minimum capital raise of about $3M and that is for a cheap 32 unit.

If you look at the one mile income radius and you see median household income at 45k, then take 30% of that or $13,500. 

So spending 200k on an ADU will likely not increase your property value by 200k. 

They yield results, but I understand a lot of other people have jobs where they cannot spend so much time on their listings. 

Or, ya know, just spend the next 140 hours trying to get a self-study law education followed by another few hundred hours self-study to sort out how to avoid repeating the situation.That's the reality of it all. 

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

The investors I know finding properties on the MLS are making 30+ offers a week, embarassing offers, in hopes of finding 1 or 2 properties a month.Others are door knocking, cold calling, spending money on mailers to find off market properties.  

In 2008 a friend of mine spend $300,000 to buy 100 houses in Detroit.