Paying off rental mortgages increases monthly cash flow but reduces liquidity, while investing in hard money lending offers high returns but is taxed as ordinary income.Buying a multi-unit rental provides tax benefits like depreciation, while purchasing a business can yield strong profits but requires active management.

The Tenant agrees to maintain an active renters insurance policy for the duration of the lease term and any renewal periods.

My biggest advice when designing a vacation rental is to truly know the daily activities, habits, and needs of your target guests.

Anyone actively flipping in LA/ SoCal?

The guests stayed for a month and did not monitor this activity. 

Typically the first set of tenants I screen are the ones who end up in the unit due to prescreening activities like my application and making sure I meet them.

I assume your wish to use a HELOC is to avoid paying interest when you are not actively rehabbing a BRRRR.

if you are going to do things like include utilities, or have an off street parking spot, other amenities etc, there's no reason in my mind you couldn't "charge a premium" for a premium unit/service. 

.#1 I would call the city rentals department directly and ask if the seller's license will remain active until the day yours becomes active.

In residential (1-4 unit), you are hamstrung by what your neighbors property sold for down the street.