You could do something like what you want if it was your personal primary residence and even then the interest rate would be ugly. 

Typical cost for the setup would be in the $15,000 range which would include production of the Private Placement Memorandum, Subscription Agreement, and Operating Agreement, Investor Qualification Forms, as well as filing Form D with the SEC, and state “Blue Sky” filings in those states where your investors reside. 

I completely agree with @Ashish Acharya's points about the cost-effectiveness of a HELOC and the potential credit implications if it’s secured by your primary residence.

For my personal residence - yes, i would love to own it free and clear as it's not an investment but rather liability which I want to minimize as much as possible.  

I also purchased these while residing in CA!

We charge a transparent monthly fee for this and our digital property management platform - but we are not a local property manager.We also give owners the ability to use a repair triage service and our vendor network, or address repairs with their own handyman.Our goal is to make renting better for owners and residents.

The property either has to be zoned a commercialZoning or - you have to own both HPR parcels and have one be a primary residence .

We approach each eviction the same way and have our playbook every time a resident gets behind on rent. 

Quote from @Charles Perkins: Quote from @Natalie Kolodij: Quote from @Charles Perkins: I have an attached ADU unit in my personal residence as well as a business office/ business storage area in my home. 

Areas that saw population bumps during the pandemic could see milder but significant demographic shifts, as will almost any area where effected residents have family, relatives or property available for immediate longterm occupancy.