The answers to this will probably dictate what direction you go.

Further, I believe that every good investment location/property must meet three criteria:Sustained profitability - The property must generate a positive cash flow today and into the foreseeable future.Currently and likely to continue appreciating for the foreseeable future at or above the rate of inflation.In a location where you can make money and you control your property as opposed to the government dictating what you can do.The right properties in Las Vegas meet the above criteria very well.

The biggest thing with condos is the HOA is so important, they can change the rules on a dime and they can also dictate the length of rentals, number of rented units, etc...

If the investment home appreciates, you can always use the equity as a tool to buy other properties down the road, or even to help you buy a SFH if that is what your situation dictates.

Could I just have my lawyer draw up a contract dictating that I get paid at closing?

I recommend this order:Market knowledgeExperienceSpecializationAs you learn about your market, the individual properties, neighborhoods, or property types will dictate how you approach them as an investor.  

When you take those into consideration it will also dictate what you spend on a home..

In addition, as short term flips dry up, and as demand dictates, private lenders do exist, looking to lock-in relatively longer-term buy and hold loans, even at lower interest rates.

Depending on where exactly the property is will determine what type of tenant you will have which will dictate how it performs in the long run.  

The metrics of your deal will dictate some of the terms.