We bought this newly renovated converted single family that now has a 1bed/1bath in the finished basement that we rent out furnished, medium term, with all utilities included.

One way I consistently see getting great returns, across the board, is by adding ADU's/additional units/semi long term furnished/STR when possible. 

I've heard some California investors doing mid-term rentals to charge more rent than long term rentals (would have to furnish the place, pay for utilities and WiFi)

Also furnished the property with some extra used furniture we had in an attempt to attract student renters who may not have furniture or want to deal with the time and expense to furnish a place.  

It when you take a SF property and rent by the room with a fully furnished common area.

Our last rental was LT but I'm excited about the potential (increased income, flexibility to have friends/family stay, hopefully less management intensive than STR with less red tape/taxes) and my wife is excited to furnish/decorate.

@Sai Sunder usually MTR implies at least 30 day lease, but less than 6 months, and FULLY FURNISHED.Not a lot of PMC's want to deal with fully furnished rentals where they are responsible to track if any silverware, glasses, etc. are missing or broken.

If you furnish a 2 bedroom town home and find maybe two officers to rent by their room it might be advantageous to you as a landlord and and their benefit as well.

Do you have the extra time to do so.All that being said, and you want and can buy a property in LA, and want better cashflow, Id skip STR and do MTR [Medium Term Rental]We rent furnished units to nurses and traveling professionals from 3 to 6 months.

Improved all the furnishings and decor.