Is it an option for you to put down the remaining 3%, so you can remove the PMI from your monthly expenses? 

Maybe you can find ways in the early stage to dovetail the two, as an example, learning about credit scores and debt while aggressively paying down actual debt and manipulating you credit factors to increase your score. another example, mind an investor who need help in your area, work for free to learn stuff and ask instead for a tiny slice of a deal, learn and build your future at the same tie. it's a life long pursuit!

You don't get the depreciation , the return is minimal 4-6 % , still better than banks , but the money is tied up for years ,  you can't leverage it or refinance for another deal whenever you need .

Make an offer - tie up the deal first, then do your due diligence after you have the deal under contract.

I am interested in taking the remaining time before my junior year to learn more about real estate to be able to purchase a house to house hack for my last 2 years of school.

But either way, I can help you get access to unsecured lines of credit that won't be tied to your property (so you don't run into this scenario again). 

Question remains whether its worth spending $200k (estimate based on forums) on an ADU or using that money for a detached property that will appreciate faster.

“The firm may be overly tied … preventing them from establishing a process to outsource property management.”My Take: There seems to be a lot of differing opinions on this subject, but I have a firm opinion on this one.

A system I've developed in my business is I pay 1/4 of the project upfront for the contractor to buy materials and then we develop a weekly "draw schedule" for the remaining amount.

I would only roll the gains into the opportunity fund, the remaining would go back to buying those same toys, vehicles, etc. being that I buy at such a discount.