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? 

@Jerry Zigounakis For your STR in Big Bear, forming a CA LLC is ideal for liability protection, even with the $800 annual franchise tax and possible gross receipts fees.

Starting local offers hands-on experience and control, ideal for learning the ropes, while out-of-state investments can provide better returns but require a reliable property manager.

Ideally, it is something we can renovate ourselves.

@Yooni ChoiFor a first property, $100/month in cash flow might not be ideal, but it’s acceptable, especially with a house hack.

I then suggest setting up a bank account where there is auto pay.

Older properties can be picked up for < 50% of ARV and go up in value in rapid ways with urban renewal efforts … I’ve seen this happen time and time again and so it’s worth saying, diversification is ideal.

Ideally, you network with people who have owned properties for a long time.

Ideally the owner would handle everything and would have no need for a property management company with only this single duplex in their portfolio. 

Educating yourself on how to offer 5-star remote management would be ideal as well!