I deal with a number of CA investors that take this same approach. 

Ideally, it is something we can renovate ourselves.

With the right renovations, we saw it as an ideal project to maximize returns in a growing market, especially with our experienced partner, Seth Choate, by our side.

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

When it comes to analyzing properties, I’ve developed a specific checklist to make sure the home fits both resident needs and operational goals:Square Footage: Ideally, at least 2,000 sq. ft. to ensure enough living space for residents and staff.No Stairs or Pools: It reduces liability and keeps the home accessible for everyone (this is just my preference).Corner Lots: I love corner lots because they often provide extra parking and outdoor space—both of which are critical for families and visitors.

The revenue and expense categories line up with your Schedule E which makes it a breeze to prepare for filing your taxes and I like the reporting features, too.

No such requirement for improving rental properties and deducting interest on Schedule E. 

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? 

I'd ideally like to do this process and not cost much money, but having a good roommate does matter to me.

This allows you to really niche down and target your ideal tenant demographic.