It's a range and depends on the property type, location, end condition and rental strategy. 

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. 

RE Brokers in the area are a key team member as they should know the area, good rental areas, and they will be a good resource for rentals (possibly, if they deal in rentals).

There are several articles that do an exceptional job of explaining who, what, where, why and how tax payers qualify for the ‘STR Loophole’ listed here:The Short Term Rental Tax Loop Hole: A Game Changer for W-2 Wage EarnersThe Short Term Tax Rental Loop Hole: What Investors need to know The implications on the Oregon and California Coastal STR market is a strengthening buyer pool for luxury rentals in the $750-1.5M+ range.

Or, you could ask for a rate quote based on a range of credit scores and you can figure out what they'd charge you on your own.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

These range low 500s to the mid 600s.

As a builder, I target about 15-20% profit per build ($500k-800k price range, low-mid in my area).

Less risk because a house that is paid for cannot possibly be foreclosed on.

The market still has relatively low entry points compared to other major cities, making it possible to find multifamily properties like duplexes and triplexes in the price range you’re targeting.