4o Hi Monty, I Live 15 minutes from the freeport area with building and flipping experience.

However, I am thinking of having my parents who are retired living there part of the year and doing STR for the remainder of the time.

Quote from @Rou Odab: Hello everyone,We bought this house, and we're living in it and renovating it.

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

A little about me for context: I live in a very expensive market in Rye,NY. 

If you go into Central or South Scottsdale (Old Town) $1M will buy you a smaller, older home, OR half of a big, remodeled home (as alot of the Arcadia and Old Town area are turning over old small homes to be big beautiful homes in the $2.5M range and higher).There are options.....for both buying and renting, that would work with your situation.By the way....it's 51 degrees in North Scottsdale right now where I live. 

Live off of equity as you sell or live off cashflow.

Do you want to live there?

I'm still flipping but I do live ins so only 1 every couple years, mostly San Jose.

I also suspect inflation will drive continued migration to lower cost of living / lower tax states.