My wife and I just bought our first condo over the summer and plan to turn it into a rental later on down the road.

I had a STR in another market get shut down by zoning, so I put construction workers in there on a 30+day stay over the summer and now have a MTR tenant to keep the lights on through May after which I'll sell since I have no guarantee on having another 30+day contract next summer.

Cabins do great in the summer time for this area.

I know this sounds a bit like a weather forecast - "Sunny with a chance of rain" - but my crystal ball seems to be on the fritz right now.Best regards, Stevan

But there are some basic bid issues owners are often unreasonable about:1) There really isn't time to get multiple bids- No heat during winter or ac during summer can often result in a municipal ticket or worse2) The job is too small to get bids- Estimated cost is $700 - how is saving 5-10% worth the time getting bids?

The spring and summer usually have a shorter leasing time of 15-25 days. 

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? 

In fact I had one done that size over the summer from some real slobs who moved out, and it required an inordinate amount of deep cleaning including almost one full day just on the filth of the kitchen floors, and it was $400. 

Wealth in real estate is usually, though not always, made by buying and holding properties, and the passage of time. 3) Consider working for a property manager or real estate investor in the summers as an intern.

I currently own 3 units and looking to add to my portfolio in late spring/early summer of 2025.