However, I'm not sure how to do that with limited funds saved up. 

Replaced floors throughout, painted every interior space, new hardware everywhere.

I evaluate the market every year especially now that limits are being placed on how much of an increase is allowed in certain areas. 

I am somewhat limited with time but have right mindset.

And yep, I was made aware a couple of years ago of that 12 person max and/or I think 4,000 sq ft limitation (or some size anyway) that requires a sprinkler system for all new construction.I don't think they're that wrong for implementing the requirement. 

It's also not going to scale as you'll quickly hit DTI limits even if you can get the numbers to work.

The city has issued licenses, they are just very limited, hard to get, and there are a lot of restrictions around how it can be used. 

Yes, there is a ban on less than 30 day STRs within Ojai city limits, but it is my understanding that outside city limits you just need a permit with Ventura County, the same as Malibu.

We got some limited engagement but no real leads.

You are currently sitting in Los Angeles's entertainment mecca and Mid Term rentals/30+ day rentals are a great alternative to the STR limitation.