  We have obtained 17 epochs of Chandra High Resolution Camera (HRC) snapshot
images, each covering most of the M31 disk. The data cover a total baseline of
2.5 years and contain a mean effective exposure of 17 ks. We have measured the
mean fluxes and long-term lightcurves for 166 objects detected in these data.
At least 25% of the sources show significant variability. The cumulative
luminosity function (CLF) of the disk sources is well-fit by a power-law with a
slope comparable to those observed in typical elliptical galaxies. The CLF of
the bulge is a broken power law similar to measurements made by previous
surveys. We note several sources in the southwestern disk with L_X > 10^{37}
erg/s . We cross-correlate all of our sources with published optical and radio
catalogs, as well as new optical data, finding counterpart candidates for 55
sources. In addition, 17 sources are likely X-ray transients. We analyze
follow-up HST WFPC2 data of two X-ray transients, finding F336W (U-band
equivalent) counterparts. In both cases, the counterparts are variable. In one
case, the optical counterpart is transient with F336W = 22.3 +/- 0.1 mag. The
X-ray and optical properties of this object are consistent with a ~10 solar
mass black hole X-ray nova with an orbital period of ~20 days. In the other
case, the optical counterpart varies between F336W = 20.82 +/- 0.06 mag and
F336W = 21.11 +/- 0.02 mag. Ground-based and HST observations show this object
is bright (V = 18.8 +/- 0.1) and slightly extended. Finally, the frequency of
bright X-ray transients in the M31 bulge suggests that the ratio of neutron
star to black hole primaries in low-mass X-ray binaries (NS/BH) is ~1.
