There are several professionals here on BP who can help you with the IRA LLC structure, including myself and Brian, do your due diligence.

The professional tenants share this kind of info in some circles, and all they have to do is call with the suspicion that their usage is less than their bill, and they utility will send a tech to inspect all circuits. 

although they both are interdependent.The best way to understand costs is to get a Floor plan drawn and get quotes from at least 3 people in the area who have done ADU'sIt's always a good idea to involves a professional right from the start, especially someone who is experienced as they will suggest techniques that could bring value and save money in the long run.

If so, I would see if it was legal to cancel the lease.I suspect that you are inheriting a professional tenant. 

I would locate interested sellers who have >40% equity in their SFH and do not have a contract with a RE professional to sell their house.

I believe it to be a good investment, but wanted to know what the professionals thought of it.

By day I work in commercial real estate lending in NYC, and I'm also a professional engineer, so I'm happy to help the community in anyway I can. 

I had the rental professional sprayed before move in. 

Best advice is to visit the property, and make sure you get your professionals in there so that you can make a risk based "informed"  decision. 

I've not yet done the math to determine which strategy would save me more money, but the big cons of this areNo primary residence, therefore slightly higher interest rates, 20 - 25% down (but depending on the market, this may very well be equivalent to 3.5 - 5% down in LA).Depends on the quality of tenant screening, but it's probably safer to assume that they won't take as great care of the property as I would.Probably need a property manager, professional or tenant.Either strategy seems to net me the same cost around $1,500 monthly, but I'm biased towards Los Angeles as I can rent to friends which solves a lot of the tenant/landlord issues.I'm not looking for anyone to give me all the answers but would appreciate any insight, food for thought, and constructive criticism.