@Janice R. what are your goals with this property? Is it to hold long term and cashflow, is it to fix up and sell? It’s fine if you don’t know it might help us guide you better if you knew.
Are you going to have to pay a lot in taxes if you don’t do a 1031?
Section 8 is an option, and it might seem appealing as the government pays a good portion of the rent. But there’s a lot more to it than that, and you want to really understand that niche before you get yourself into it.
If you could my advice would to wait a little longer, we haven’t seen the affect of people not getting the extra $600 unemployment check yet. And prices now are not far from the all time high(I believe median is $315k, high was $319k) With unemployment hitting 33% at one point, and a number of other factors, it’s very hard not to see the Economy here taking a dive. @Casey Powers has written a lot of good Informative posts, and I would re read those. When it would benefit her to say the opposite, you know you can trust what she’s saying. So It doesn’t look good for Vegas. Because we are so tied to tourism this will be a boom and bust town. People claiming that it’s ‘resilient’ are unfortunately doing you and other people a disservice.
Not to say that you shouldn’t invest in Vegas, me and a lot of people have done very well here...and will continue to do so.
You just want to understand what to expect if you do.
Hopefully we can help guide you in the right direction to meet your goals
@Casey Powersundefined