This will give you a baseline, I.e. own the Main St project same thing as this one, and it cost me all in $125,500 to do the full rehab.

I'm happy to share some neighborhood guide resources you way to help!

Do you think this would be feasible in OC and if so, which areas? 

Any screening service that works for long term rentals works just as well for MTR.I do my analysis my checking comps on Airbnb and using Pricelabs market data tools.Let me know what else I can help with!

Is this a hidden opportunity or a deal-breaker?

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.

This experience can help you scale your portfolio over the next few years- Local properties appreciate faster, which allows investors to reinvest their equity into more local multifamily units OR other markets where the cost per unit is lower (i.e., Philly, Upstate NY, etc.)The Bronx is arguably the best borough to consider the househack strategy.

I always like recommending creating a short, mid and long term goal to help guide you.

In all seriousness, if this is the start of a budding STR business for you, your parents should understand. 

I recommend you discuss and plan this in depth with a local lender who knows your market well.