I think it actually matters more of the distance from your primary, but I would definitely talk to an investor-friendly lender to see their thoughts. https://www.biggerpockets.com/business/finder/lenders

I am getting mid 5s on a conventional primary owner occupied loan

If you are ok living with roommates another option is house hacking where you buy a property as a primary and rent out the rest of the property then move out after 12 months to acquire your next one.

Financially, I am able to invest a few thousand, ultimately I would like to own a primary home though I am not too certain if it’d be in Las Vegas… prices are insane IMO.

I believe your assumptions are correct, only there is no requirement to buy again for the primary 121 exclusion portion.

@Sharad ReddyI used to live in Davis and the area has had strong appreciation and consistent demand with the university and primary schools. 

Hello BP friends, I purchased my primary residence a couple years ago and it is on a double lot.

If it is your primary residence that can be more challenging.

Say what you want about that but I'd be looking out for myself and if the person doing the reference checks isn't smart enough to go back further... that's on them. in markets for rental areas that have high proportion of tenants  like the mid west were something like 50 to 60% of all folks rent.. your telling the truth flat guarantee most landlords with a bummer tenant is going to say anything they can to get them to move on.in nicer areas of A class 700 fico tenants this is not really as big of an issue Yeah, my experience may be biased to my primary market. 

By far the two primary value adds are rehab (which due to competition has gotten leaner) and ADU additions (which in my market is typically a poor investment due to cost versus the value added as well as other challenges with ADUs).