Michael Strahan -- Living In a $20 Million Lap of Luxury

Being Kelly Ripa's #2 sure does pay ... just ask Michael Strahan, who's throwing down serious cash to rent a $20 MILLION mega mansion in Beverly Hills ... adjacent.

Michael and hot fiancée Nicole Murphy sold their Bel Air home earlier this week for $11 million. Get this ... they bought it for $7.9 mil a year ago. Yeah, we hate 'em too.

Here's the problem -- they're currently homeless ... so for the time being they're renting a 10,575-square-foot casa in Beverly Park.

FYI -- Beverly Park's a celeb magnet -- residents have included Denzel Washington, Mark Wahlberg, Sylvester Stallone, Tim McGraw, Wayne Gretzky, Samuel Jackson ... the list goes on.

We don't have the exact rental price, but estates like this rent in the $100,000 / month range. In the meantime Michael and his realtor Bob Hurwitz are on the hunt for a permanent place.

Until then ... Michael and Nicole have to settle for the Italian style villa, with 8 bedrooms, 10 baths, guest house, perfectly manicured grounds, fountains up the wazoo, and resort style pool.