We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

Be prepared for Vegas’ unpredictable winter weather!

Nobody likes to work hard in the heat.The biggest concern in the past has been winter, but 2024 was the warmest year on record and we have seen +3F on average in every season, which really took the edge of winter (you can call it brown grass season now) while summers are pleasant 75-85F.The cost of living is low, yet the quality of live is relatively high.

Plus global warming has really helped with the winters. 

Did you think back in 2019 that Texas would face a winter storm like Uri in 2021?

If you can maximize all 3, then you've also created a very wide lead funnel, which is less common in multifamily properties.Maximizing "pets" means you're removing carpet, allowing at least 2 pets including cats and larger dogs > 50 lbs, access to a fully fenced-in yard or walking distance to a dog park, leniency on breed restrictions (depends on insurance, your risk tolerance, due diligence with pets during inquiry phase), pet friendly furniture (e.g. faux leather couch, low pile rugs if at all), etc.

Heating costs go up in winter, as does electricity due to the reduced natural light and more people indoors.

Easier to do with a duplex year by year, but when I rented to students I would quickly renovate for winter break. 

Our water bill is below 150/month and even below 100 some months when it's not winter and tenants aren't letting the faucets drip, but overall it's not a nuisance. 

They wouldn't have to move out in the middle of the winter, and we wouldn't have to re-lease in January.