Is that the case or is it  I'm wondering if you need it to be considered a separate dwelling by the city to operate just the basement as an STR?

@Anna Catron High leveraged operators have always been wiped out with enough time, I don't think that will change.

The house is a simple two bed one bath with a garage and a fenced in backyard.

Whether it's Airbnb, VRBO, FF, Zillow, FB, direct booking website, insurance relocation portals, databases from MTR operators who get a lot of insurance/corporate leads, CHBO, etc.The MTR space is still quite young, unlike STR. 

You can usually find some events by doing a simple google search.

I find it easier to work with people and let them know the boundaries they have to operate in with their pets than to simply say no. 

For those who have done a base rent + percentage of wedding event operator revenue, what percentage did you use and how did you determine it?

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

My book on Turnkey Real Estate Investing - Simple Concepts to Overcome Analysis Paralysis and Acquire Your First Rental Property in 29 Days (this title is a work in progress) should be released before the end of October.

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.