My problem is that land and permitting in my immediate area is priced so high that it isn't feasible.

As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker that's on their second house hack.

Here is the link for the map https://newbraunfels.maps.arcg...A 2023 goal is to purchase an STR out of state - preferably Phoenix Metro or Denver Metro - and in an area where I can get it permitted. 

Guessing that you've already picked the brains of your co-workers or that you have none to pick.Instead of trying to get intros to total strangers, why not search for top producers in other Compass offices?

Any issues with permitting / conversion of the 4th BR?

My wife told me she has been talking about REI to her co-workers while at work, and it makes me smile a little.

Hello,Total purchase was $602,000 plus closing costs (appx: $8,000)The cost for the ADU was $265,000  ( It is a 3 bedroom 3 bath with a kitchen and 2 wet bars which I rent separately , including Plans and permits (Appx: $ 15,000)This was my first property when I did this, I paid for the ADU with lines of credits and credit cards and than refinanced and paid them off.I noticed you said it sounds kind of high, are you located in the Los Angeles area ?

My grandparents have a couple condos on Miramar Beach, I try to make it out once a year for some family time and vacation when work permits.

If the tenant wants to use it as another bedroom, you'd better make sure that's permitted/inspected, and there are two means of egress from the basement.That's a major health/safety issue not to be ignored.

On top of that, the contractor (assuming he is licensed) has overhead like liability insurance, gas and auto expenses, office expenses, workers comp insurance, employee benefits, matching taxes on employee incomes, etc.