@Steven Vann my wife and I considered a similar lifestyle a few years back, but with a 18 month old and dogs long term travel is getting harder! 

something else to at least consider - could you house hack in a suburb or exurb of LA and still maintain your lifestyle? 

Take additional savings and any cash flow from this first piece of property and start looking for the next investment...and so on and so forth.In general, STAY AWAY FROM THE HIGH CONSUMER LIFESTYLE!

However, everyone's comments has made me realize that maybe they do not have the best credit and want to live the lifestyle while they build up their credit or while they save money. 

If you have substantial savings you should be house hacking multifamily in Seattle every year, or if your lifestyle doesn't support that buying 1 short term rental (with 10% down using a second home or vacation home loan) or 1 long term rental (standard 20-25% down) a year.

It can be good to be hungry but if the kids are spoiled they can become resentful if their lifestyle takes a turn in adulthood.

I got tired of making 6 figures and not really getting much of a lifestyle out of it.

For many that grew up and lived more a middle class lifestyle they probably can't imagine some of the scenarios that often occur in low income areas.