Since this is our first time house-hacking, we would love to understand how tenant screening process works in real life.

My name is Tomer, and I'm a real estate investor who is relatively new to the Pittsburgh market.

@Eran WithanaI recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

You may want to get some ideas by attending your local real estate investment club to see if anyone has ever done this before and their thoughts. 

At this point I had found I was pretty good at finding and managing tenants so I partnered with a real estate broker and started managing for other investors.

I forget the number right now but if you are within I think 5 days from sale date the lender isn't obligated to reinstate, but still may.You may be able to delay the foreclosure by simply asking for more time, you are now the property owner and have some sway.A couple observations:You don't have title insurance as no title company will insure a trustee's deed in CA, so that won't help you.You won the auction based on your commitment to occupy the property (SB1079), so this is not a quick flip.To buy time and delay foreclosure you can file a stripped down bankruptcy.You can't stop payment on the 86k wining bid since you paid cash at the trustee sale.Generally trustee sale buyers don't have a real good feeling for the property condition, unless you do for some reason, so this is a wild card. 

You are mentioning highly sought after parts of GA.I do commercial real estate over 20 years now specializing in NNN properties.Don't expect monster cash flow here for residential.

I’m just starting to explore the world of real estate investing here in the Bay Area.

They just did a podcast on a couple that does this on the Real Estate Rookie podcast. 

There are plenty of reasons to title your real estate in LLC's but those who approach entity formation with anonymity as the objective are mistaken and usually complicate the entity formation process unnecessarily. 2.