Not fun, expensive lesson, but "woo hoo" you got a subto.Who trained you? 

I have fun with the wholesalers though

Not fun for anyone. 

Also control the thermostats so the tenants don't jack up the heat in the winter giving you a massive bill.

Another option is to look into some funds as well that allow smaller investments. some are anywhere from 500-$10,000 minimums and accept non accredited investors (through regulation a+).If you ran numbers of a loan paying p&i at 10% but ot being able to reinvest the principal payments you realize how low your returns actually are. so yes notes are great but also understand that idle money for any investment is not fun.

And, frankly, all these cases are kind of fun to read.

I am sure I will be very publicly wrong, and you all can make fun of me in two years, when stocks double and real estate prices crash 20% from here, but I just don't know how you can watch this industry, this closely, for this long, and not be raring to go in the current environment. 

The cold air often runs out in the summer and the heat doesn't turn on in the winter.

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!