For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).

Quote from @Violet Cobb: Hey Michael S Brown, and everyone else who has mentioned me in a comment on here.

We had been in a fast appreciation and low interest rate market for years.

Hi BP community, My tenant, who lives in a two-story, newer construction SFH complained of a water leakage in the bottom floor kitchen ceiling (through the LED lights).

we did the first 3 in a 18 month period we used internal funds so no debt.. these were 350k to 400k all in projects.. so U need cash to be a spec builder or you need investors if you dont have cash..

For someone looking for diversification or steady long-term growth without getting too hands-on, your suggestion of buying and upgrading a rental property in a familiar and appreciating area makes a lot of sense.

Are there any specific clauses I should include in a room-by-room lease for a shared living space?

I'm in Miami and want to invest in a cheaper market where my money will go a longer way and so I can cash flow better.

I haven't been on in a while :) 

You'll still need enough income and DTI ratio to buy another property in a couple years even with this rental income.