Go ahead and state who you're working with, this sounds eerily similar to something we've heard on this forums over & over.Below is Josh's link. 

The headache of playing peacemaker between 3-5 unrelated tenants doesn't sound worth the premium management fee; not to mention rent by room generally brings in lower quality tenants which require significant more management.With that said, higher rates are pushing investors toward rent by room simply because it's the only option for cash flow (at least in Denver) which is why I have so many folks reaching out.If you currently have rent by room investments or perhaps you're a PM currently offering rent by room, I'd love to hear your feedback and any advice you may have. 

This can only sound biased, so if you reach out I will send you references and pricing.

If you discover one that sounds potentially relevant, and you have not explored it - see if you can still get hold of your accountant to ask.

I know it may sound as a BIAS from my side but I think this should NOT be legal to put covenant, see my logic here a builder build a whole community and one part of it is rentals the rest is single family, they put covenants and restrict the market to rent by room just to ensure they can rent their rentals that is a sort of monopolistic behavior and should not be legal.

@Nick S. it sounds like this property isn't close enough for you to self-manage.

Living in the Los Angeles area sounds somewhat similar to what you experienced with cost of homes etc. thank you for writing this up!

Hey Brendan - It sounds like you're taking smart steps to navigate the slow season, and the adjustments you've made are all solid moves.

OK sounds good Felicia!

Sounds like you have a solid agent for checking on that