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? 

Hello @Fulati,With that budget, I would look for houses in East Memphis, Cordova, or Bartlett.

If you really like the place but you feel that it is priced too high for your budget, instead of saying “it’s priced too high” and insulting the seller, simply say “I absolutely love your place; it is exactly what I want, and I’d really like to buy it.

If budget is an issue, this is likely a more economical and creative way of going about getting into multi family. 

If you do budget that much, the you will easily hit your profit target.There are currently no restrictions in Lewis county and STRs work there, but there is always discussion on them by the city.

The key is finding the right area/market and having a solid rehab plan that doesn't go too far over budget.