The other challenge in finding a high R/V ratio property today, even for rehabbers, is that many markets have tightened and inventory levels are low, pushing up property prices and thereby lowering the R/V ratios.

As more families lose their homes to foreclosures, as lending guidelines tighten, and as 6000 people per month continue to move to the valley, we will see rental demand exceeding supply and the rents in Las Vegas (which have remained fairly stable for the last several years) will increase to offset the demand.

He rewired it and tightened the fixture.

You'll notice if not already companies are tightening up on their fundamentals.  4.  

while interest rates remain low, the days of quick-and-easy financing are over, and the tightened credit market can make it tough to secure loans for investment properties.

And as Thurman stated, the zoning is changing and they may tighten up regulations on renting.  

Although HUD tightens everything once you drop below 640, point is many lenders, specifically banks will put overlays on these programs as they just don't want the risk that goes along with underwriting to the bare minimum. 

I took the contract to my banker and title company guy....... apparently mortgage regulations have tightened since I purchased my home and it seems that it would be basically required to protect the asset.In that light I figured might as well have it in place now before I sell my own home.  

Seems like it has been too good for too long (low inventory, overseas money flowing in CA/NY/SEA/MIA/ATL and tech money, zero fed rates) but some bad signs are coming (all the major economies are slowing down, baby-boomers tightening their wallets and spending more on healthcare than discretionary, HELOC from 2005 are resetting, wide income gap, Millenniums cant' buy entry level houses, Houses sitting longer in some hot markets due to seller high expectations etc.). 

Foreign/domestic investors buying overpriced assets, interest rates going up, and a tightening of credit standards... which we are already seeing a hint of.How is almost every MSA not in a bubble?