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Some good suggestions in here. If you're on a budget, my first suggestion would be to bed down away from LAX. Hotels get cheaper further inland, though the neighborhoods also get rougher. Hostels in Venice are fairly popular, though I've never stayed in one. Then there's always AirBnB and/or the Valley if you avoid crossing during rush hour. For cheap/free stuff to do you can browse Venice Boardwalk, Santa Monica Pier and Promenade, Griffith Park and Observatory, Getty Museum, Hollywood Walk of Fame, or Rodeo Drive. Plenty more to do if you wanna pay for it. I really enjoyed taking some family to Universal Theme Park a couple years ago. Plenty of nightlife all over, though Sunset and Santa Monica Blvd are probably the most popular.