Hi Brandt,
how are you? From a construction perspective, a condo conversion and an ADU are extremely similar. As in, you are creating 2 dwellings out of 1 property. All over the world this is a normal thing but under current zoning standards, in the USA there's a re-definition on what to call multiple dwellings within one lot.
Once your urgan zone is defined, you can see if you want both units to remain under the same ownership (i.e.: house + ADU) or if you prefer each unit to be its own "thing" (like a mini condo or apartment building). Funny thing is, it's cost the same to build, the building will be identical but it will be called different names based on its location.
Feel free to reach out directly if you want to discuss details on how to proceed.
All the best,
ile