I am currently in no financial position to buy a second property comfortably right now, but I have spent over a month crafting a Business Plan as I lay down the foundation for buying my first investment property. 

I see it as my financial foundation moving forward.In terms of the plan, you're thorough and right-on.

We targeted homes within 2 miles of downtown, which means homes built in 1920-1970, and have pier and beam foundation (constant foundation & drywall issues). 

I did a full gut rehab and foundation for 50k.

For starters, I suggest building your educational foundation in real estate (RE) FIRST.

I have a bid for another $40k for foundation repairs.

Just make sure to do a true apples to apples comparison, and ensure quotes for utilities, foundation, trenching, site prep, permits, finishes, appliances, etc. are included.Renting out the ADU is a great strategy!

@Michael Noto Chances are it would have been an FHA loan however I’m not going to be pursuing the property anymore I have decided to be a little more patient and establish a more stable foundation for myself.

Wouldn't let the age deter you from buying, but a good foundation/roof/bones is important, home inspection to let you know what you're getting into.

The hunt for a bank that will give you a HELOC is a foundational step in your investment career.