Since this is an FHA Streamline, there is no appraisal, no income verification, no employment verification, no out-of-pocket costs, and nothing rolled into the new loan.

We deal in low income properties, so our criteria is that rent cannot be more than 50% of income, but if the income source is non-taxable we increase it to 59%. 

If you wait at least 90 says from the purchase date - the options tend to open up for better rates and lower cost.

The projected rents on the low side if I rented out each of the 3 beds individually would be $1800/month.

At times, I wish I hadn't even touched certain things as it cost me more to hire out a contractor to fix my mistakes, and other times I have saved myself a few hundred dollars on maintenance costs.

Victor,I would avoid that high cost ADU and use that money to invest outside of California.

Curious to know cost of mentorship, 

Before you buy you 1st build you awareness of real estate investing, potential team members that you will need over the journey that will likely last the rest of your life and commence recruiting people and investing time seeking out knowledge and WISDOM.Wisdom would say buy in the down cycles of the market and refi cheap when rates are low but investors often have ants in their pants.  

We're looking to branch out there for low-cost owner financing properties (offering financing for those renting). 

And yes, he should be giving you his crew, the subs and materials at his cost.