It seems like a common challenge, and any advice you can provide would be invaluable.Thank you in advance for your help!

Feel free to reach out though if you have specific questions, it is fairly common!

@Brian Dolbeare This is a "it depends" question for sure, but in most cases street parking is pretty common here.

Typically people think FHA because it's what's thought of as the least amount down which is commonly the goal when we all get started.

It’s a common practice and I’ve never had any opposition to this provision.If you don’t have an operating company, you could get into contract in your own name and then assign it.  

If you're in the LA area, it's definitely very common.

It is zoned single family but since the previous owner is using it as a rooming house a few things look different that I am worried about the appraiser not passing:Outside doors for each room with locks.The only common area is the kitchen, no dining room, living room, etc.The rooms consist of 5 bedrooms, 1 kitchen, and 2 bathrooms.Each room has a bed and a small drawer which I am thinking of diassembling before the appraiser comes.Would I have a problem with this?

He said that the insurance company gave him a discount because the materials are less susceptible to fire than common materials used like asphalt shingles and stucco.  

Here's some online software options that you commonly see recommended on BiggerPockets.

This is a straightforward and common approach.However, make sure to document the change in the lease renewal or addendum, specifying the new security deposit amount.