If you're house hacking, I'm guessing you're working with a lower down payment—which is totally fine and often the smartest way to start.

What do you mean by house hacking?

I’m currently house hacking my primary residence, but I’m now exploring the idea of purchasing a second property using the BRRRR method.

I currently have a mortgage that was financed through an FHA loan. I’ve seen recommendations suggesting it may be beneficial to refinance to a conventional loan after a year. I’ve lived in my property for three years ...

I live in CA and I am also interested if I should try house hacking here. 

@Jonah B. it would be customary and appropriate to do a move in/move out condition inspection, and to have any specifics like house rules, quite hours, parking arrangements etc all down in writing and they can be exhibits to the lease or have it in a lease addendum. 

One option is to put it in a house hack where, for the sake of argument, you'll get a 15% return. 

We are a group of agent investors, and plenty of us have house-hacked, over the years.

I have helped numerous buyers do exactly what you want to do and I have done the same type of house hack with a duplex myself.

@Albert GallucciYou can download the house hacking calculator here https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy.