I currently own a 1 bed 1 bath single-family house as my primary residence.

At this stage you're probably better off investing that extra money into your primary business activity.What part of CA are you in?

I would rent out my primary and end up making more than I spend living in Australia.

Quote from @Cody Caswell: Quote from @Jay Hurst: Quote from @Cody Caswell: Is it true you can use taxes, depreciation, insurance, and mortgage interest for qualifying income when applying for an FHA loan on a primary residence? 

Why not just buy a new primary and rent out your current home.

It's usually someone with a high W2 income buying a primary then doing Mid-Term or Short-Term Rentals with an ADU. 

Once the rehab was done I refinanced out of the private loan into a conventional loan as a primary residence.

I don't think being a long distance landlord is as easy as some tout but full disclosure I've stayed with 80 miles of my primary residences. 

@Nicholas A.House Hacking a primary residence is the best way to generate wealth. 

I was just on their website looking at the permit process:CityofSac-STR PermitLooks like 90 days max until you get a conditional use permit but still reading as it seems a little unclear:A short-term vacation rental may operate from a location that is not the operator's primary residence for a total of 90 days in a calendar year.