Northern Nevada is not as hot as Vegas. 

Since then we stayed focused on new construction of single family homes, eventually segueing into small multi unit buildings (3 & 4 units), while doing some interior condo renovations here and there to keep generating revenue until the new builds came to fruition.Overall, my hot take is: New Construction for the win.

Collecting applicants so that you can "choose" the best one can get you in hot water pretty quickly.

The hot rehab market is allowing teams to do quick and partially finished job and jump to the next job. 

I mean, THE HOT WATER FAUCET IN THE BATHROOM SINK DIDN'T WORK!

Appreciation there is low, rents are low, and assuming maintenance as a fixed cost (for example, a hot water heater costs $450 from Lowes in Allentown, $450 from Lowes in Scranton, installation takes the same time, and labor costs aren't all that different), the ROI isn't great.

Most lenders have seasoning requirements, so you would need to own the property for 12 months to obtain a loan based on appraisal rather than lower of appraisal or purchase price.The longer the period of since property purchase the more likely an appraisal higher than purchase price.The exception may be a "hot" market where prices are moving up sharply almost every day. 

But I'm going to let you guys handle the artillery barrages, I'm going to just remain in my standard sharp shooters seat (My deck chair next to the hot tub, or sometimes even in the hot tub) answering what I know best about- however many or few those questions are.Right now all of this is just-Smoke on the water.

We know that houses are going to need a furnace/roof/hot water heater occasionally.

It's a game of hot potato.Short-term rental valuation is a function of = Interest Rate, Replacement Cost, Cash Flow, Appreciation, and some others like Insurance/Easy of Operating/Taxes.