As other people have said, this is not your typical stay: the place is a converted industrial building with very large rooms, which make it quite comfortable. There is (good) street art inside and many music paraphernalia around. Think of it more of a hostel / art gallery / music studio. Although not many, there are other people living in the space.
Important notes:
1) The place is located centrally in downtown LA: if that's your main area of interest then it's ideal. There is a bus that goes to LACMA just down the street.
2) Mike is a respectful host, aware of the privacy of his guests and he is trustworthy, if you are used to that sort of laidback-artist environment. He is very nice and will make sure you have a good time.
3) The neighbourhood: the place is at the edge of Skid Row. There are homeless people and addicts around but we are not in the centre of that phenomenon a few streets further (meaning, where the place is the streets are not yet covered with tents). Behave appropriately and you will be fine. These are not organized criminals, just very poor people.
On the whole: if you are willing to compromise on hotel-like comfort and amenities, this place definitely has a lot to offer and could make for a really memorable experience. We had a great time with my friends and the place definitely contributed. I would recommend it.