Help with finding deals with Multi-family

[Devin Tang]

Hi,

I currently live in Las Vegas and have 2 multifamily units, which do ok and are cashflow positive.  However, it is only recently that I've been taking real estate investing a lot more seriously as I've been trying to read and listen about it as much as I can.  Currently I'm interested in multi-family units between 350-500k.  However, I noticed that I'm looking at like 5-6% cap rates, (though I'm pretty conservative with my expenses), and they appear to be in warzones.  My questions would be:

1) Should I still be looking in Vegas for Multifamilies?  Or is it time to branch out to other cities?  What other cities?  

2) Should I be looking for other types of investments in Las Vegas?  Commercial (though usually out of my price range for now)?  Airbnb/Vacation homes (though there is a lot disagreement about allowing short term rentals here)?