I wanted to buy in Lafayette because I know the area extremely well and have good ideas of where there is good potential for growth. 

It’s next to a local mini mart, but it’s not in your face, busy or loud.

Thanks so much for the reply and honesty Benden Mitchum, it's extremely helpful to hear.

Our neighbor is currently building an ADU as well and, while there have been a handful of days that have been annoyingly loud, most days (90% of the time) it's barely noticeable. 

The HOA will charge you $300 per month for non-compliant rentals, and the HOA is extremely strict.

Apparently, it's extremely difficult to evict a person even if I am living in the property.

Correct Mike, because of growing costs for new construction, all homes under $300K are in extreme demand.

I could go on regarding insurance, taxes, etc.Partnerships are extremely hard to execute well, and there is nearly always a better way to structure things to give all parties the things they want without the entanglements they don't.Just a thought...

An extreme but good example in the above post.

@Robert McCormick As you search for single family homes in Northern NJ you’ll find the same challenges as looking for a duplex: high prices (and climbing higher even during the pandemic right now), extremely low inventory, or major work needed.