Keep us posted on your progress, and don't be afraid to ask any questions. 

I would like some advice on the matter or possibly a good calculator to use to help assess my options.  

So, progress I guess.

Do a full assessment on the BP calculator.

Most loans do have 15 day grace periods before a late fee is even assessed.  

Hopefully I'll make some fast progress.

And in your realtors assessment, I hop it's not the seller trying to hide something.

You might have a better outlook once you assess everything that could happen, (repairs, CapEx, taxes, insurance, electricity, HOA, water, garbage, vacancy, evictions, etc.)I don't know if this calculator will give you the proper numbers since you are House Hacking, but it should be pretty close hopefully someone else can chime in with more info on House Hacking numbers.

So as a fellow OC investor what are some of your favorite areas to invest in, in SoCal because you are making a lot of senseWherever I can find the best deal that I can reasonably assess and control my risks all the way through on ... my ability to do that drops exponentially as the radius from my front door increases.

I wanted to assess tax implications for potentially renting out a home which has a mortgage.