You’ll want to get really familiar with local zoning laws, short-term rental rules, and landlord-tenant laws as they vary by town if you plan on going the STR route.Focus on Cash Flow Early On: You might be tempted to go for something that appreciates quickly, but in the early stages, it’s important to find properties that bring in cash flow.

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

You may also want to consider buying this as a primary and living in it for a year.

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

Do you want to live there?

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.

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. 

Is it an automated voice attendant, is it a call center where you are routed to someone else eventually to get an answer, or is it a live, well trained staff member?

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

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