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? 

That is the decent (and courteous) thing to do, so that others won't spend time to write an answer, and so that others who search out an existing topic can see that answer. 

I understand that starting out, depending on how fast you want to build your portfolio, you could spend a lot of time at it.For those with established investment portfolios, how much time is required to maintain it?

So, why is McDonalds still spending billions on advertising?

So, why is McDonalds still spending billions on advertising?

i think you can be successful if you are willing to do what you alluded to, which is spend time in person in your chosen market. 

Unrealistic construction budgets are an issue new investors often face.

Overall, you're spending $25k in extra costs and a monthly pmt that's $500 higher to keep $50k in your bank account. 

.* Receipts and Expenses: Once I brought to Jenny's attention that we were 20k above budget, she refused for days to give me the receipts, saying that I needed to give her my credit card statement first.

While it most probably WON’T withstand legal challenge, the borrower would have to spend money to litigate it.