You staying in LA for the foreseeable future? That's easily my biggest problem. Selling a house sucks. I'd be hardpressed to take a bigger hit on a house than I would the accumulated rent I'll pay over ~5 years, no problem. But if I have to move for work one day and no one will buy...
I want to eventually get out to LA (probably when I have kids) but right now it's not in the cards. I do love it here. My boyfriend is doing music and this is a good place to do it. And we have friends, family, and people who will take care if the dog when we randomly disappear to other countries for a month. Hopefully, if you have to move for work, they'll assist with relocation costs, right? We will have to see what the real estate market does in LA, but keeping a house as a rental property isn't the worst idea in the world if the market is good.