Definitely be charging at least what you're paying in cleaning, if not add a little cushion.

I currently have $10K set aside for a down payment, but I’m working on building up more for a better cushion.

House hacking can certainly be a great way to build equity and reduce living expenses, but it’s essential to have a cushion in case your rental income doesn’t come in as expected or renovations take longer than planned.

I think this is a calculation a lot of homeowners are making right now--especially if they have a low interest mortgage, equity, and their house will cashflow as a rental.The choice is a personal one of course, but I think your future self will thank you if you pull out some equity from your existing home with a HELOC for the downpayment on the next house and a cushion renting your current home, use a property manager as you have other things to do, and buy the next house and do the same thing again.

Just run your numbers adequately and leave a safety cushion to CYA in case bookings drop as you adapt new rules. 

You can also do a wholesale deal or two to create the cushion you need for your first flip.

Bottom line, you have to decide how badly you want to own the place, and how much financial cushion you have, and how much risk you are willing to take. 

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

Since you can't control the sale price, you basically have a $4k cushion to your reno costs, or otherwise you lose money compared to the as-is scenario.

New agents may struggle with periods of no income while waiting for deals to close.Solution: Budget wisely, build a financial cushion, and prepare for slow months.