@Eric Kahn Gale I have come to view most of these issues as simple CapEx problems.

Like you mentioned, 80% of our economy is based on tourism, so take a macroeconomic view on this, and all the subsidies we see in health care, construction, government jobs, low property taxes, etc. are all because they're being paid on the backs of tourists.

It's amazing how many different views and tolerances there are in the area of risk and leverage.  

Make sure you set clear investment goals when you are doing this little by little as well as viewing house hacking as an idea for getting rent from it.

While CA is generally view as tenant friendly people are still investing there and making money. 

So when viewed this way, I’m not disappointed when the Pref is not hit. 

Look at the high end rentals in the area are they near desirable amenities, do they have beautiful yards or amazing views.

If investing in that studio style, I’d highly recommend only the best asset qualities, i.e. walk-in with no stairs, good area, golf course or lake view, etc. 

For a comprehensive view of the Las Vegas investment market, message me for my blog link.

Thomas Tusser 1557This company purported to flip urban Baltimore row houses. from the article above, one investor bought 2500 Hollins street west baltimore for 20k, then spent 20.5k for rehab, a simple Google street view search shows it to be abandoned row houses in worst neighborhood of highest crime city in America.