This step would include understanding City zoning & platting, locating utilities, researching City codes for development requirements (big ones include detention), etc. 

My question is - what is the best strategy for utilizing my home equity and buying my first rental?

Especially if you get a long term resident in the ADU and then you might can utilize them to help on your turns of the MTR. 

I hired a GC to manage the build out, but there has been no consensus on who is responsible for the utility payments (Water and Energy). 

I see a lot of posts for furnished monthly stays where owners are fretting over utilities and how to ensure a tenant doesn't abuse their being provided.

Utilities are typically $350-450/month for a 3/2.If you have any more questions feel free to reach out!

Assets identified in this study include:Infrastructure and Site Utilities: signage, site lighting and utility sinksLand Improvements: sidewalks, landscaping, fences and parking spaces50% of the total depreciable basis was classified as 39-year class life.

This way you're able to utilize conventional loans, each of you are allowed 10 of those.

Also, verify ALL utilities (don't believe that dang Realtor for one min Wink ) go to the county for sewer and water.

., utilities, mortgage, etc.).