This is a good note though, and something as a piece of the corrective measure. 

That did help me get a clearer picture of the full process.

I have a few rental properties in AZ and PA.

Sounds like a great idea!

New Jersey is a great place to invest especially if you are open minded to the idea of house hacking. 

There is a very strong effort to ban them completely from R1 zoned areas which has made it very difficult to apply for a permit unless you buy a house which currently has a permit in place.

It's been a while, but I had a few guests contest charges and I won every time.

What is your process for underwriting a rental by adding an ADU (addition or division)?

This does not read as though its a smart investment on the surface, and secondly, there isnt a lender I know of that will lend on renovations that exceed the purchase price, especially a renovation that is 2.3 times the purchase price.

A couple of weeks ago, I came across an awesome off-market deal on a hundred-year-old house a few weeks ago and thought all I had to do was renovate it and I would have myself a nice little home to live in long term.