We were initially looking out of state for a potential move and or investment property just because the property taxes without being able to homestead, plus high cost of insurance, and harsh weather on homes made me feel like it might not be worth it.

Well worth it and the best strategy to start in my opinion. 

Our analysis showed a $20K annual revenue increase for comparable 3BD vs. 4BD listings, making a ~$1,000 investment in furniture well worth it.Hope this helps!

Its a lot of work so it needs to be worth it. 

I'm considering buying a small single family home near a hospital in the Midwest to turn into a MTR, and trying to decide if it's worth the investment to furnish vs. going straight to LTR.

I remember years ago our attorney reviewing one such issue for a client that was coming over to us. 

Quote from @Devin James: In one of our development projects, the City staff asked us to remove 40 units from our concept plan.This wasn’t requested by the City Commission at a formal hearing, it was the opinion of the staff.Our original concept already proposed fewer units than the current zoning would have allowed.Here’s what erasing 40 units means:- 40 fewer homes for buyers- Over $1M in lost profit for our team- Fewer tax dollars and impact fees that could’ve benefited the City’s infrastructure & servicesWe gotta get betterEveryone wants more affordable housing, but not everyone wants to do what it takes to achieve it we never listen to the recommending bodies. we move for city approvals and work closely. the other thing we do is keep going back to the same groups over and over and over and over every month on the same agenda and make very small reductions like 2% or 4% and that reduces and beats them down eventually they accept what you want. it's just before beating a dead horse. we keep tabling until they give us something we all agree on then we go to vote. in our city in columbus we have to get recommendations but that's our strategy. we used to come out as aggressive as possible. we typically study developments in the area and keep it very similar in terms of density. we have a track record of very controversial projects and litigation and not taking no as an answer. after a year of that haha I can tell you it's not worth it. now we are more relationship based and buying the right kinds of plots of land. if the numbers don't work on the front end don't do the development. 

Quote from @Louis Hamilton: The property is worth around 800,000 and has no mortgage on it.

It may be worth having an experienced professional helping you and you could always try to get the seller to pay your agent’s fees.

But keep in ind that financing will be more expensive and tougher to find and investing 200k does not mean that ADU will be worth 200k.