It is a complicated situation and not ideal but just exploring options.  

The analysis tools provided in the course such as sale leaseback, DCF, developer feasibility etc is something I use every week.

By driving for dollars I have collected a list of properties I am going to mail, as well as developed the letters I will be sending.

Thanks for the responses.The reason why I'm asking is I was thinking about developing an App for this as well. 

It is.So your small structure might not be economically reasonable.If you do decide to build an actual second dwelling, I recommend reaching out to @Josh Braun of Torque Development.

Once they have developed & processed the Loan Qualification Package, they send the package to the Texas Veterans Land Board, asking for approval & Funding of the Loan.

It's not like being in a patio home development where every house is the same so it truly comes down to the opinion of the appraiser plus the opinion of the buyer.

There’s a new development still in the plans to help supply the shortage of student housing being demanded by FIU’s 50,000+ student enrollment.

:-/Ideally, I'd love to use the county public record as the initial basis, as that would be the highest number, resulting in the highest depreciation deduction.What's the correct thing to do here?

Everything is in good condition, they just don't want to be landlords anymore and would like the best price they can get for their house, ideally without having to put it on the market from out of state.After recently reading @Brandon Turner's "Investing With No/Low Money Down," I got the idea for a lease option, and would very much appreciate any feedback, insight and thoughts!