In that scenario - I would worry that our long term renters would not like that strangers are walking up their steps and entering the doorway 5ft from their front door every weekend. 

Why do you think purchase contracts are so long and have such small print?

It has been a long process, but I am finally living in it.

Typically you can only have one FHA loan under your name at any given time, but there isn't a limit on Conv so long as you qualify.

We don't reach that point until we have had the opportunity to understand what an investor wants, their motivations, long-term goals, and risk profile.  

A trust transfer allows for smoother estate planning, and if inherited after their passing, the land receives a step-up in basis, reducing future capital gains tax.Each method has pros and cons depending on their estate plans and your long-term goals.

If that's the case, you'll want to start with a fix and flip (or hold) type of loan, complete your renovations, get it rented out and THEN refinance into a DSCR loan for a long term hold. 

@Marc Anthony MacielIf you're diving into house hacking and multifamily investing in Southern California, you’ll want to focus on markets like Riverside, San Bernardino, Ontario, and Long Beach—areas with strong rental demand and solid appreciation potential.

The land banker, the long term landlord, the neighbor that wants to expand their home, or the horse owning owner occupant with no other options?  

Obviously been a rental for a long time, so lots of signs of neglect (but not gone so far that it was falling to ruin).