Also, having a rehab budget already laid out with explanations on how you got the numbers would help and is definitely a plus when I look at deals even though I typically wont use their numbers it at least shows a little more effort. 

If it's a massive budget, lenders may peak in a bit more, but definitely doable. 

For example, I often recommend working with vendors who specialize in rental property maintenance or have experience with rental landscaping to keep your property looking great without overspending.Start Small and SmartFocus on buying a property that fits your budget and investing goals.

A 5% of incoming rent for each category is a pretty standard amount to budget.

@Justin Landesman's comments are critical about not funding without being on title and/or having a written contract about the distribution of profits.How much do you think the rehab budget is?

Housing agencies have an annual budget and issue vouchers based on that budget. 

While we were a bit over budget and slightly over our projected timeline, we were still able to force appreciate the property by $100k.

Contractors can give you ballpark quotes on the spot, which will tighten up your budget.

I have a hard money lender established to cover 80% of the purchase and 100% of the rehab, so my capital partners would be covering:20% of the purchase priceRange of $30,000-$50,000 cost of capital25% of the renovation budget (to kickstart the project while waiting for reimbursements)$25,000 contingency padAny tips would be great, and if you happen to be interested yourself I can send you more details.

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?