Perhaps you have a unit coming up for rent, and you could dip your toe in by converting it from an annual rental into a STR. 

Once they move out, hopefully the additional space (possibly convert the office into a small bedroom making it a 3bd/2ba) allowing us to charge slightly higher rent vs. a 750 sq ft unit recouping the impact fees in a few years. 

Sometimes it takes some creativity (one home we bought was a 3/2 but had the garage converted into 2 more bedrooms and a full bath very nicely!)

If insurance spikes and I need flood insurance eventually, this could impact my cash flow greatly in the future.

If you’re able to materially participate and eventually qualify for real estate professional status, the depreciation and other tax strategies can create real savings that help fund your next investments.

Those who bought then, rented at break or slightly negative initially, and held for the long term, eventually made a killing.

You'll end up in front of the right people eventually. 4) Keep going to those meet-ups and be a regular face there, not another "here one week and gone the next".

Here are the specifics: Primary Residence (OC): Purchased for $850,000Current mortgage: ~$6,400/moEstimated rent for full house: $3,600–$3,900/moI also have one roommate (a friend) renting a room, helping offset some of the payment ~$1,100/moWe planned to convert the garage into an ADU, but we don’t currently have the funds and the project feels overwhelming with everything else going on.  

It allows you to convert trapped equity into usable capital at a fixed rate and fixed term.

Another bit of analysis.And if a rental property is converted (back) to a personal residence, there may be further tax consequences.