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.

Services like Doorvest facilitate the purchase, renovation, and property management (at least for the 1st year) of your rental property.

Is there a way to use preferred equity lenders to facilitate this goal?

Personally, my experience is in North Carolina and Florida and despite numerous claims of "over-saturation" my clients have performed very well.

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.

Besides the doors being unlocked, he has left the gas on his stove on and has flooded the bathroom on numerous occasions damaging the ceiling below.

Most likely inappropriate, but NUMEROUS.

However we have closed numerous loans with them and they have always been responsive. 

The numerator will include your cash flow and principal pay down.

Numerous improvements have made over the years.Dad wants sell the property this year, so I will assume it sells for $1M.Dad’s LE share would be $300,000.