The reason I ask these questions is the numerous appraisals that indicate ADUs added less value than the cost to perform a hands off ADU addition (as a developer your ADU addition is not hands off).  

There are numerous RE companies in LA that you could learn on someone else's dollar.

Of course I really love the ADU in the multi family space where you can build multiple ADU's on one lot as well as convert non livable space like car ports, breezeways, and storage areas to livable units so long as you meet fire egress.As to Dan's comments, I agree that appraisals are not coming in to the cost to build in many cases (but not all cases) which can trap equity which is why I have specifically stated numerous times the importance of a long term hold (bare minimum of 5 years and 10 years better).

Very thorough reports generated, line item details, categories, ability to have numerous different budgets- love it!

We've had numerous problems with these properties, but to keep it short, I'll keep the story to the problems that we're dealing with currently.We thought we were finally wrapping up on these properties, when the city found out that we didn't register the buildings as vacant.

The triangle is a great place to own property.

Because of the property's current conditions, you have numerous other options available to you that currently, that could suit you better.

Even with TK, if they don't do a good job it will either kill your deal due to constant turnover and repairs.One of my most important criteria for TK selection (and I only have 5 I work with due to this criterium) is what I call the "virtuous triangle"That means you want to have the corner that represents the finding of property and renovating it, the corner that represents the sale of the fully renovated property, and the corner that represents the Property Management with all the things you listed in your post, all under one roof in one company.It can work without that triangle working but for TK investments I have learned (the hard way) that this triangle is the big difference in a good, really passive deal and one I call "headache deals".Avoid the headaches and thanks for taking the time to list all those aspects for a PM that investors should consider.

Currently, I have one retail/restaurant property with approximately 11,000 sf and 5 tenants and another office/mixed use property under contract with about 17,000 sf and the potential for numerous tenants.  

@Tiffany Alexy would be a great resource for you in the Triangle area.