And it's not slowing down.

Quote from @Cody Holt: Your equity is not a savings account from which you can withdraw for free.

I have had in up for rent through my property manager for close to 2 months now (slow market). 

I would definitely recommend going slow, and making sure you have solid financials on each property compared to trying to get as many as possible in a short amount of time; no need to put yourself in financial stress.

I know I want to start small/slow with one project (either a rehab/flip or a buy/hold long-term rental) and invest only in areas that I know or live (Los Angeles, Orange County, CA) at least in the beginning.

Ironically most investors don't slow down to ask themselves that simple question but will prepare a multi tab excel spreadsheet justifying the reason behind purchasing the low barrier home that lacks fundamentals because it meets the 1% rule or is a good BRRRR candidate because that's what they are taught.

They have done capitol calls on other projects but investors are  seemingly pretty slow to give them more.WWC seems to be trying.

I live about 30 minutes outside of Knoxville in a used-to-be small town that is booming and shows no sign of slowing down.

I could have easily had double the portfolio I now own, and while I'm not complaining by any stretch of the imagination as RE has been very very good to me, it slowed my progress down significantly when interest rates were excellent and I should have been more willing to use leverage.

I have been looking at duplexes in the tampa area (strictly for investment, I live in Colorado), I don't think small unit multifamily will slow down by any means in the Florida area.