Any regulations or risks I should be aware of?

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. 

@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.

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.

And you risk the boy friends and baby daddy's.. that's your risk.And of course kids are rough on houses I don't care what environment they are raised in.. 

House hacking is a great start, with duplex properties offering flexibility and a comfortable living environment.

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