My brother lives in La Jolla and I know hundreds of investors in coastal Southern Cal. 

Everyone has their own room and a bathroom and they share common space such as living room, dining room and a kitchen and they are one the same lease.

Quote from @Ben Trageser: If you live in your short-term rental (STR) property in a future year after claiming depreciation, depreciation recapture does not occur immediately.

We currently live in our forever home with both of our parents on each side of us.

I've lived here on and off for 15 years.

In my experience you tend to get more people living there than the people who apply. 

Work on the property / live in the property for at least 2 years.

You live in one room, rent out the others, and pay your expenses with the income.

Given that 60% live on campus, that's 30,000 students in potential need for housing.

I did all the labor my self aside from hiring certified electrician and plumber as per country permit regulations.I live in Alaska with my family and work in construction in general (journeyman carpenter turned commercial superintendent turned GC and now rolling steady as one man 'handyman' doing lots of finish work the last couple years).