Sup Jeffason.
My band plays in Santa Barbara on a regular basis. I commute out there to play, but I do recording in my home (about 30 miles away). True that there are some serious dollars to be made on State st. with new bands popping up almost every day. I can't believe there is almost ZERO label representation out there. There are TONS of killer bands in every genre you could imagine. Anyway, back to topic...
Do you have a specific location already? I've been doing this for about 5 years and only VERY recently have I started to bring in $2000 a month. I also work 40 hours a week. It is quite difficult to to book more than 2 bands a month and also work 40 hours. It sucks recording when you are dead tired since that is when you are more apt to make decisions like,"that sounds good enough".tutt
Everyone always says, "Don't finance", but I can honestly say that if I had not financed my initial setup, I would not have been able to start for another 5+ years. That was unacceptable to me-- I'm not getting any younger here. As long as you are careful and don't make ******** buying decisions, you can pull it off. If you have a BA in accounting, I'd imagine you would do just fine.
BTW, you will be directly competing with me
Also- there are a handfull of kick-ass engineers in SB too
Good luck!