So, in sum, house hacking can be when you are able leverage low down payments in order to control an asset (use an FHA loan and rent out the other rooms/units, use the VA loan with no down payment to ultimately turn the property into a rental property, etc.). 

They did not finish the work and I ended up buying the property with one APT half way done because according to them no contractor was willing to finish the work for nineteen thousand dollars.

If your plan is to operate an STR in CA, it is best to have a plan B in case the STR option is no longer available.Good luck

Financial reportsI could keep going, but I think those are some of the most important, in no particular order.

@Tori Trent nope no issues running it for the last 3 years and have been booked!

There is no major cleanout of the property either.

Alternatively, if its for the hopes of accessing future real estate loans via the LLC then it may be a moot point as a lot of these bigger banks won't lend on an LLC that's brand new and no history of cash inflows/outflows. 

T: "No. 

I have no idea if they are getting the proforma rents peddled by the listing agents.

No one seems to have the answer to this.