Another option is watching for one that could be converted.  

Obviously RSO/rent control is difficult to avoid in L.A. and the numbers would have to make sense.2) Find a 3bd 2bth with a detached garage (or ideally permitted guest house) that I can convert to an ADU and live in, while renting out the house. 

.), converting to STR, house hacking, etc.It is not easy in the high end markets for novice investors.

I've converted all the units from 2 to 3 beds.

Looking at an off market property, that “feels” like a good deal: estate sale, cosmetic updates only, ability to convert from 2/1 to 3/1.Probably a pretty basic question, but what’s the best methodology for estimating ARV (and post rehab appraisal).

I would like to convert my equity into cash in hand to buy more properties and scale quicker.

The house has a partially finished basement with 3 seperate rooms and a garage and bathroom that was converted without a permit ( very very common here on long island I did the same in my house ) .Of course if an inspector comes out most likely I either have to get up to code or eliminate the garage converstion and take the walls down in the basement .If I dont I would probably have to wait up to 8 weeks to get drawings and approvals thus delaying the entire project .

Purchase price: $1,500,000 Cash invested: $3,400,000 Sale price: $5,400,000 This was a ten unit rent stabilized building that we converted into a luxury two-family brownstone with professional space on the lower level.

We had a 5 bedroom 2 bath apt and converted that to a 2 bedroom and a 1 bedroom each with its own kitchen.

Mine convert into damage deposit monies at the time of the lease signing and possession.Utilize the same with animals.