I would start by building out a basic P&L for what the property generates today vs. what it will generate in the future, and factor in any capital expenses required to get there.

When you've been "saving for the future" for all your life, there's no point at which you envision stopping saving because "the future" never arises.

Branson is still on my future list possibility but I will probably stick with Taney County.

Real estate generates a return through cash flow + appreciation.It appears that cash flow is negativeAppreciation appears to be 0% over 2-3 years based on zillowThe question is what you beleive the future will hold for cash-flow and appreciation.Cash-flow will likely continue to be negativeThe question is what do you think about the appreciation for the bay area.If the property continues to stay at $850,000, it will likely not be a good decision to hold on to the property.If you think the property can appreciate to $900,000, $950,000 over a few years, then it can potentially be a good reason to hold. 

It's the same as working in a company, some company has a fabulous manager and good work ethics and teamwork, while another company expects you to be 100% independent.For someone like me, that's like to learn fast, a realtor in lower commish is better for me.

But being casually active in real estate, infrastructure projects, private credit, and equities is my long term future but a lot more time focused on my kids.

I am excited to learn more about investing in real estate and starting a real estate portfolio in the near future.

I.E. All cash invested $1m

Market value: $1.2m
= 83% cost to value (17% profit)What are people usually aiming for at a minimum? 

You don't want to narrow your buyer pool when you sell your house in future just because they might don't want the ADU but decent size backyard is always good and has its potential.If I were you, I would rather try to find deal in hayward/union city/san leandro single family house.

In summary, do you think it's a good idea for me to partner with someone for my first deal, put in some or all of the money, take a smaller return, but gain knowledge and confidence to start on my own in the future?