Las Vegas Real Estate for vacation rentals and self commuting?

[Kyle Calica]

My girlfriend works in the event business she's able to work once a week from Las Vegas every or every other month as a contractor. 

I work remotely full time. 

We were thinking about hotels but I realize homes are very, very cheap (I was seeing apartments with or without HOA fees between $700-$1000).

We now think it might be better to purchase a home close to the university or the Strip. 
Airbnb or vacation rental the days we are not in Vegas. 

Has anyone done anything like this? 

I know people panic about downturns in Vegas and etc. 

But my backup plan was just to rent to college students when the future outlook doesn't look great. 

Or just pay it off during the down months since the cost is equivalent to a car lease for us (we don't lease a car but the monthly mortgage payments are about the same if we did lease a car). 

Obviously this would be after the pandemic.