Variables include, personal credit, average property value, lowest property value, highest property value, average property DSCR and individual property DSCR etc. 

Her rent was below market rate so I immediately brought it up to market and let Seattle Housing Authority know of the increase.

First, Unless MN is different then 90% of the US, You do not 'own' the HOA, The HOA is a legal entity created at some point in time. you may have controlling votes in decisions when the HOA brings then to a vote, but unless the document created at the time of the formation of the HOA says something differently you are just a unit owner many times over.Second, Depending on how the HOA was set up, The HOA may be under the Direction of a Property ManagerThird, You must follow all Federal,State,Local laws regarding the HOAForth You must comply with all HOA rules  for each individual of your units regardless of how many you ownFifth while it might be enticing to go all Pirate King, remember you have to follow the HOA rules or you may be subject to fines and lawsuits or both (In MD there is a case in the courts where a renter had problems with the unit owner and the the owners of the unit are being sued separately by the tenant.

My question is, in the bay area, if I were to rent out each room individually in a multifamily house, sort of a dormitory, or shared house for college students.

The West half of the park units have individual meters that are billed through the City directly.

I am a believer in surrounding yourself with more successful individuals.

If you can get five individual residential loans vs. a single commercial loan, you can get fixed financing for a longer term.

Bottom line, legal entities come in when your net worth becomes significant enough to create firewalls between individual pieces.Avoid large banks and google local banks and credit unions; with a decent credit score you will not have a problem to get a loan in your name on a cashflowing property.

It is often easier to finance a property if purchased as an individual. 

@Patrick SearsIt’s different for each Individual but if your full time job doesn’t max you out in social security you can look at an S Corp and speak to a CPA to see if there are ways to minimize taxable income.With notes really not much you can do if your looking to sell them vs holding them long term.