Bottom line… I’d be willing to come in a few thousand dollars more on my offer if it means there’s future potential to earn that much extra in rent each month, and I’m not sure what to do.

Plenty of other smaller companies and projects going on.At $240K you can probably buy cash property around Sherman Denison area. 

Renting the Baltimore property first might provide some additional cash flow to support the ADU project.

Excited to hear you guys are interested in taking on the challenge of controlling your future.

Especially if you are just starting to shop, you might be able to use these agents as your buyer's agent in the future.

Financing doesn't make a project good and nobody should buy in a project just because of the financing.

:) I have not done this yet myself, but we DID make a separate LLC from our other biz (nothing to do with real estate) in order to invest in future as we look for off market homes.

Also, there are construction loans that pay for the entire build project including land. 

Some are easier inspections than others but some turn into larger projects (this can be prevented with better screening in leasing but we inherit bad tenants or poorly ran previous property manager problems often). 

If you sell "as is," maybe you lose less money now, but if the place could grow in value or you think the property has good future, keep it because this might give more profit later, even when there are problems now.