im in Orange County CA and there is a huge market here for room by room rentals here. i've been doing this for quite some time (over a decade now), and it certainly has its pro's and cons. my advice if you go about this is make sure you do proper vetting before moving someone in... not only for financials/ credit-worthiness, but also for temperament and expectations in a co-living space. we ask a lot of questions like "how do you handle conflict?"

Interesting approach, how would multiple refi affect my credit score?

Instead, it works like a credit and goes toward some of your upfront costs.

We worked him through the process, brought him a contractor, and gave him all the resources along with giving him tips on layout and all.

No Bank, Credit Union or Portfolio lender wants to foreclose on any loan if there is a way not to.

Any good recommendations for the collection agency or any way to get the money back from the tenant or any way to report it to the credit bureau?

I would like to see what the local tricks and tips are to protecting ourselves as landlords in California thank you my name is Ryan have a good day

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

Do you have any other tips on "the live" in flip potential in LA? 

On the flip side, if you've got a bunch of Section 8 tenants living in a building that's in a neighborhood where a lot of the tenant base has good jobs, high credit scores, and are generally reliable people, you've got the most risky tenants in that tenant base and that ain't what ya want.