You can only play games for so long.Chances are your next door neighbor is an IRS agent and turns you in when your tenants blocks their drive or some other random event disturbing your IRS neighbor.ADU catches fire and your insurance won't cover you, because it was an illegal and unpermitted structure.The city inspector told the last guy not to build or rent it, and is now pissed and wants to make an example of you and just red tags the whole property and no one can occupy for the next 1-2-3 years while you wait for a hearing.Then when you get the hearing, "staff" recommends you tear the whole structure down, and if you still want an ADU, you can apply for a permit and rebuild it.Your tenant quits paying rent and won't move out and you can't evict them, because there is no valid lease and they're just your "roommate".Probably a dozen other bad things can happen to you when you do stuff like this. 

That’s a game-changer when it comes to flipping profits.Your scenario reminds me of a client I worked with in San Diego who flipped a condo after living there for a couple of years.

I have been playing the multifamily game for almost 10 years now, and the GRM is one of my least favorite methods personally since it ignores so many important factors (steam boiler versus electric baseboard heat as an example). 

its funny how this changes with time and the market on BP  if you asked this question 5 to 7 years ago you get drowned out with the cash flow is the ONLY thing and appreciation is for gamblers my self I have always been about making appreciation games in RE.. by either value add building a new product or buying foreclosure and flipping or lending money and getting instant 12% plus returns . 

I seem to remember that I didn't even have a business card until then either.You are VERY late to the game to be making these decisions. 

What is your end-game reason - it can't be just about the $$.You're in the perfect place here on this forum.....ask questions, lots of them...

Other than that its just a numbers game....every X offers gets you Y contracts....go find the numbers.

It’s always helpful to hear how others structure these kinds of deals, especially with larger properties like mobile home parks.Also, what’s your game plan moving forward?

It's one of the best hacks in the game.

Exposure is the name of the game.