My goals with BiggerPockets is to learn about real estate investing and network, my wife and I would like to purchase our first house in the next 6 months.

Do we each also split 50% of an "owner draw" on rent profits? 

Both from the property owner and the actual arbitrager.

Just waiting on one of my houses to sell.

The new owner will be able to decide if they will gradually raise rents to market or have tenants move-out, renovate and mark-to-market.

Thanks,Steve Hiltabiddle   OR WA CA OH IN GA NV AZ MO are states I participated in as a funder for court house steps sales.

We’ve found doing value add to be a way to force appreciation and add cash flow when we got our house… we added an ADU and house hack with a midterm rental to generate the additional income and make a bigger home actually affordable but still flexible for when family visit 

As it was mention before you're walking a thin line when taking a house sub to and then dealing with the bank to do modifications.

We've been doing land development and entitlement for a little over 20 years, initially as a consultant (civil engineer & owner representative), and I have to agree there is a significant risk to land entitlement. 

If you were to parcel out one of the rooms as a legit ADU, then you could possibly lease the whole house and lease the ADU separately and count rental income from both (75% of gross rent for the house, 50% of gross rent for the ADU).