My budget is slightly constrained for this first property so looking to save on purchase price and hopefully add value through renovations.

Need an advice if this would be a good idea or not. 

I am visiting CC later this month, and will call again this week. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

As far as I know, Pace created this community and didn't want to make money from it.

This will clarify and reinforce what you are reading.

I don't even know where to find deals like this these days...  

Thank you Murrieta Menifee Winchester Temecula Riverside Update: this ADU is finished and rented out.

As you mentioned intentional flips are typically considered inventory-This means the income is ordinary income and as such: - Is not a capital gain, so hold time of 1 year does not change to a better long-term capital gain rate - Can not be invested in a QOF Deductions related to it can't be pushed or changed- all costs are accounted for with the inventory component 

How did you find this deal and how did you negotiate it?