Actually, I was at the unfortunately named "Best Ever Conference" in Salt Lake 2 weeks ago that Joe Fairless (Ashcroft) helped start and all the talk from some very highly placed economists and analysts was that the regulated lenders and banks were the focus.

However, I do know septic inspections and repairs are more documented and regulated. 

Any regulations or risks I should be aware of?

@Daniel Windingstad someone else mentioned Florida, I'll just chime in and say Florida is probably not much better for cash flow unless you go C/C- properties, but regulations probably are better than your current situation.

Permittable bedroom count is going to dictate your max occupancy load per the myriad of local regulations.

Crime is on the rise, property protections for landlords is nearly non-existent, and development is leaving the area for more favorable regulations. 

We used to do STR arbitrage, which can work great in SoCal, but regulations are the main barrier to that. 

Florence - Limited current regulation within city limits. 1 hour to Eugene & Airport.

Don't forget to familiarize yourself with local laws and regulations; hiring a local attorney can help navigate the legal aspects.

There are groups on meet up that are working on changing the regulations around this, city codes.