Have not yet started renovation but do have plans.

Recently I started working with a college kid who is doing some wholesaling to make some money and get his foot in the RE door.He had read about house hacking with a partner, where he applies for the FHA loan and finds a partner to cover the down payment.  

You might find a off market priced property but use this to start doing analysis.

@Tyler Carter  Seasoning for value is not understood by a lot of investors before they start on a project and it should be.

I guess a stupid opening question would be, what strategy is the best for a long distance investor to get started? 

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general.

The biggest thing we started doing after our first 2-3 flips is focusing on the higher-roi aspects such as kitchens and baths, and then doing "just enough" for everything else. 

I'd get started sending this guy packing.

Total mortgage face value is $937,000.