im in Orange County CA and there is a huge market here for room by room rentals here. i've been doing this for quite some time (over a decade now), and it certainly has its pro's and cons. my advice if you go about this is make sure you do proper vetting before moving someone in... not only for financials/ credit-worthiness, but also for temperament and expectations in a co-living space. we ask a lot of questions like "how do you handle conflict?"

You’re asking the right questions, and it’s great to see you thinking strategically.My Take on Your SituationSince you already own a rental and want to expand your portfolio, your main decision points are:1.How to pull equity to fund your next deal2.Whether to transfer your current rental into an LLC3.How to position yourself for long-term growthHere’s how I’d approach it:HELOC vs.

Building My Personal BrandAfter 4 years with PPR I was ready to expand my experience and grow my personal brand and investor family.

@Alex Houser You need more numbers and a proper inspection to justify the price. 

I currently own one home in NY as LTR, one STR in SWFL but am looking to expand my portfolio.

I would like to get connected with more private lenders in different target area preferably Huston Texas Expanding your network in Houston sounds like a great move.

I also got great value from a very expensive course on how to properly buy & manage residential real estate.Regardless of cost, the ones that offered low value were the ones where the founder wanted to sell education as their main business. 

The Greater Phx area also has more places to expand, but be cautious of "island" developments that are separated from bigger cities. 

Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Highly recommend @Lien Vuong she commented below and has helped a lot of our clients start of expand their investment property portfolio.