Opinions on a "House Hack" if rent will not fully cover expenses

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Hey all!

I just moved to California (from Canada) and I am looking around for property. Property is pretty expensive here as I am sure you all know. I found a great three bedroom condo that is in exactly the location I want. It has pretty high HOA fees but it includes the water bill and some disaster insurance. There is also a gym and swimming pool included with the community. It doesn't need a whole lot of work, just some appliances and I would have to furnish the main areas.

I currently pay $750 per month on rent all-inclusive which is actually a really good deal. When I do some calculations on housing expenses and how much I could reasonably rent the additional bedrooms out for, I find that I would still be spending something like $400-$700 per month on expenses depending how things go. My logic says that I would technically be spending less for a higher quality of life given that all goes well and that I can actually rent the place out. I have only just started getting into the BP podcast and started reading Rental Property Investing by Brandon, but am wondering if there is any mention of it being a bad idea to aim for a property where this is the case. I would be looking to do other investments in property in the next 1-2 years as well.

I appreciate any and all opinions and responses. If I can clarify anything, please feel free to ask!

[Theresa Harris]

If after all expenses (factoring in property taxes and repairs), you'd be lower than your current rent, it would be a win.  Remember your tenants are also helping pay your mortgage and building equity.  If you were to move out a few years down the road, would renting your room out then make it cash flow?