A local RE professional should be able to provide this information to you as well.In New York, we deal with this scenario frequently and oftentimes it does not make sense to legalize ADUs because the permit process is extremely lengthy, the cost is high (sometimes $150-300K for 1 ADU unit), and the potential increase in property valuable is not worth the risk.If you already have an approved permit/plan and can get your renovation down to $80K, you may want to consider this project if the ARV is say north of $800K.** You should also look into any potential property tax increases associated with this change.

Establish a strong financial strategy that includes budgeting, various financing possibilities, risk assessment, and backup plans.

Thanks Jason,Yes, that is certainly the plan.

I will be in Tampa in a couple weeks and plan to explore neighborhoods a bit more.Trace 

We are both interested in REI, and plan on pooling our money together to invest.  

Thanks for the tip, it is actually on my to do list, I heard REIA talked about on the podcast and plan on searching for one in Utah.

Do you plan on investing locally?

I dont plan on building anything on the property, if and when, it gets rezoned.

If both of you are working full-time, you will not get REP status, and not in any way the way you have it planned.

The original plan was to live in one unit (as requird by the loan terms) for one year and rent out the other, then move & rent both units after the 1 year requirement (currently living with relatives).