This analysis is purely for educational purposes and is for a course capstone project.Any thoughts/feedback would be super helpful.

It will help you grow your real estate investing business and find motivated sellers very easy in the future.All the best! 

Other asset classes aren't so the depreciation schedule may not be as quick/beneficial.2) And it is even possible to find deals that are what I call "super-shielders" and which not only shield all the distributions in the investment but have extra to use over on other real estate investments that are throwing off income. 3) Unless you're doing a 1031 exchange  at the end or similar tax structure to defer taxes, you will have to *pay back* all that depreciation benefit at the end (on sale...which for you is in 5 years)  via depreciation recapture.

very easy to answer this.. 

Many want get rich, quick cash and will just jump on whatever because they convinced themselves its easy money.  

As I’m sure you know, Las Vegas is SUPER cheap compared to most of California, Miami, or NYC.

Any feedback here would be super helpful! 

Is land just an easy starting point but I will want to do something more after? 

It isn't the metric you can talk about on a national scale, but if you keep buying the same product in the same area it is a very easy quick and dirty method to know how you are doing compared to other buys. 

That is super exciting.