I'm worried I won't be able to take out a loan amount that's big enough to purchase another home in LA/OC if I already have a 700k loan...I know that the home prices in LA/OC are outrageous, but I've heard numerous times that I should invest in areas where I live close by.

Understanding the laws and regulations in your state is crucial when it comes to managing your property. 

Quote from @Bob Smith: HOAsThey can prohibit rentals or impose such crazy regulations you won't be able to rent.They can also change the regulations....I just saw an HOA first try to implement $300/year rental registration. 

While being a full time college student and a part time boxer I've primarily focused on wholesaling, building a successful business with my best friend that did around $70,000 our first year in the business.Being from Illinois rules and regulations have caused us to pivot from the traditional assignment of contract.

I recommend getting acquainted with the tenant laws and regulations specific to your area.

Competition does a better job of regulating pricing than company transparency in my opinion.

I think Austin is pretty restrictive on STR regulations but that might not apply in your area.

(on the buyer side) or is there some regulation against this? 

KBKG was the first company ever to launch a self service software for properties this small and it has been through IRS audit numerous times.

Airbnb Considerations:For Airbnb, make sure to check local regulations in Tampa regarding short-term rentals.