I understand that the City of Anaheim is no longer issuing new STR permits, so one option is to buy a property that already has an existing STR license.

Hi Stan, It would be helpful to provide more information.For example a few immediate items (but not all):1)  what are you looking to buy? 

Most sellers wouldn’t want to evict a paying tenant because you say you are going to buy, I certainly wouldn’t.

The property was recently appraised at $374,000, giving me strong equity.I also have a $50,000 line of credit secured against the property that has not been used yet.Recently, my bank approved me for an FHA loan with 3.5% down, which opens the door for buying a multi-unit property.I’m now trying to figure out the smartest next move:•House hack a 4-unit using the FHA loan?

When you buy auction properties you are subject to all liens, taxes, outstanding utility bills etc, and the bank (seller) does not have to let you in for inspections, even smoke inspections. 

I'm not in a rush to buy a 2nd rental property.

I can't do STRs for my out of state rental since HOA prohibits that - they have also banned any investors from buying in that neighborhood. 

I’ve noticed that the note investing space is built on relationships, not just numbers.For those who buy or sell notes regularly, what’s your best tip for building long-term trust with other investors or brokers?

@Lesley Resnick  IMHO it is always a time to buy! 

Turnovers with good tenants suck, but to me it was great that a family was buying their first home and vacancies happen.