I'm not personally in dire straits, but I would like ideas on how to manage this property towards full occupancy and a sell, without sacrifice, that is. 

Just want to get this strait.

The truth is, we have no idea what's going to happen or how Vegas is going to adjust to water usage.The thing I hang my hat on is knowing that there are literally billions of dollars here in gaming, real estate, sports, hotels, etc - those big guys aren't going to go down without a fight if Vegas is in a dire water shortage in our lifetime.

The property was in dire need of cosmetic work.

Because if you are living in one side, monthly cash flow isn't as dire because you are benefiting by living there.

Or, to be strait about it, as it appears, only land and money, the rest are either sitting and waiting to be taken or not to be taken by money disguised as a crop, labor, real estate, or precious metals.

Property that are to hold will be hold for the rest of my life as I am trying to build wealth and will only be sold if its to trade for a better investment property or under any dire emergency needed situations.That's all I have as for what my goals and plans are.

I mean of course it wouldn't and shouldn't be a good practice to back out but this would be used as exit strategy in case you are in dire situation. 

I would personally be strait up with the seller and tell them you are going to market the home to potential investors and try to get as much time as possible to do so. 

Most fixer-uppers we've seen lately are pretty dire and not in prime locations.