Buying a STR in Santa Ana

[Nick Ung]

Hello folks, I am looking into a STR property near Disneyland Anaheim for personal use and airbnb (non-owner occupied) it out for the rest of the year. And since Anaheim and Garden Grove both stopped giving out new STR license, I thought Santa Ana would be the best bet due to its relative proximity and the city seem to have no regulation against STR. Strategy wise, I am interested to BRRRR a distressed property but would also consider using a second home mortgage for the right property.

I wonder if anyone has attempted something similar and could give me some pointers as to how to proceed. Thank you