Mutual promises suffice for consideration.Does a seller typically require earnest money to take the property off the market?

It’s too much work.For instance, This property was bought for $5,000 (Five Thousand Dollars).Click on images to enlarge Purchase & Sale Agreement (many more examples available).This is an example of how the numbers workThere are hundreds of people doing these every day around the country.My experience is the best place to focus on these are the typical places.

We have considered new construction several times, but found it much more cost effective and a better ROI to improve existing buildings instead. 

Do I need special verbiage within my lease agreement to retain the right to initiate construction on the back of the property?

To get work inspected and permitted is typically not super expensive so just do it the right way.

You can take advantage of a construction loan to build a New primary home or Vacation home.

We have both been in the residential construction industry for the last 10 years and I worked in maintenance at apartments for 3 years in college.

These managers typically handle residential and multi family Best of luck

The garage is very old and will need to be taken down so the garage/ADU will be new construction.

Tenant screening can not be highlighted enough and it typically goes hand-in-hand with eviction protection (at least on how we provide it).