This might involve updating certain aspects of the property to meet modern standards.Permit Acquisition: Obtain all necessary permits from the city, which may include demolition permits, building permits, electrical permits, and plumbing permits.Restoration Process:Debris Removal: Clear out all debris and damaged materials from the property.

The examples were very real world and they even provide a lot of excel and word tools for different aspects of the process that I will now use moving forward.They have more that covered specific parts such as project management, development, property management, etc.

- Are there any red flags or cautionary aspects I should be aware of?

I'm also a CPA and love the accounting aspects of real estate, probably more than the real estate investing itself!

If you are looking to make some money and have a place to use 4-5 times a year, then from that aspect it's a great investment but solely looking at numbers I could find others that perform much better.  

The appealing aspect here is the ongoing population growth and other economic factors.

when partnering with people on a Joint Venture deal make sure to thoroughly layout all aspects of the companies operations and ensure that a clear understanding is made as to who will oversee what. taking the time to find the right partners can go a long way when the going gets tough or feelings get hurt. initially the deal involved partnering with a hands off venture capitol group but luckily an owner of a nearby carwash offered to go in on the deal instead and provided his industry expertiseDid you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Is there more reading material regarding this aspect ?

This will be one of the smallest ADU additions.However if you are adding it to be used by family/friends then the investment aspect is not as important.  

I'm focused on buy & hold, but open to other aspects as opportunities are found.