Whatever you decide if you are going to be a LL pay attention to all the steps in the process; the government is not your friend especially in California!

One very big difference is that Air BnB requires a government ID with picture to book, VRBO did not. 

Either way, both required owner occupation unless you are doing an 'investment' conventional mortgage where you are back to 20% down.Generally, your credit score and some of your financial situation will govern whether you qualify for the conventional. 

Interest rates were lowest in Dec and seem to be ticking up with the government’s plans to print money so with a cash out refi you may find yourself being offered a rate that is MORE expensive than your current mortgage rate.

The Tenant can't transfer their lease to the sublet, so once the Tenant's lease expires then the sublet expires.It's interesting how governments dictate what people can do with their private property. 

I have talked to one of the policymakers in HCD over probably 50 emails, the Department of finance, city Mayor, City attorney, the Californians for Homeownership, Regional Affairs Officer, Orange County,Southern California Association of Governments (SCAG), Orange County Projections (OCP), the Center for Demographic Research and still haven't anyone to help me but I still searching for someone to make the city understand.

That's what happens when government is in charge. 

I'm not sure if the irrrl qualifies because it is still a government backed loan.The VA told me that I must have tenants for 2 full years before I can use their rent as qualifying income.

I guess try "are you sure you want to sign this" as a first tactic, but if they do, I think you are stuck.I love how the federal government considers the "honor system" good enough.

I've been landlording for the last 10 years and it was great, until the last 2 years, but all my current issues are with the government and city.