If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Land Use Codes and Building FeasibilityExample 1: Property Land Use CodesActivity Code: 4000 (Social, institutional, or infrastructure-related)Function Code: 1000 (Residence or accommodation)Ownership Code: 4200 (State government)Example: Regrid Property Example 1Example 2: Zoning DetailsZoning Code: T3Zoning Description: Sub Urban ZoneZoning Type: ResidentialZoning Subtype: Single FamilyOwnership Code: 1500 (Businesses and commercial entities)Example: Regrid Property Example 2Based on these land use and zoning codes, can I build a house on either of these parcels?

When I return to the country after my Au Pair contract ends, I hope to live in the property as my primary residence and house-hack as well.I understand that investing remotely makes things more challenging, but I am also ready to be uncomfortable and challenge myself in this journey as I know it is 100% possible.

@Leeling ChewAbsolutely, you should background check every adult (18 or older) who will reside in the property.

Investment Info:Single-family residence fix & flip investment.

He currently travels often for work and resides in TN. 

You ARE subject to CA LLC tax just by the fact of YOU being a CA resident, sorry.

The rental had ratty furniture, a record player prominently featured in the marketing but it had no speakers, missing basics items in the kitchen, lots of drunks in the concrete hallways that reverberated right into the bedroom at 2am, a strong odor of urine outside, and more.We have super hosts in this forum that have hundreds of 5-star reviews and are masters of the craft, but I look at their rentals and see they don't have any artwork on the walls, decor is basic, they do nothing to make the guest feel welcome, etc. 

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Investment Info:Single-family residence buy & hold investment.