There are pockets of good areas, east of 95 freeway near Summerlin 450-550k, Spring Valley near Chinatown 450-500k, and behind MGM casino off Maryland/Tropicana (350-400k). 

This site is a treasure trove .

Maybe the house is $45k, but the repairs needed might put you in the $80-$90k range or more.The reason i say that, just about anyone would snatch a house that should lease for $1100 at a lot more than $45k (assuming that is a 'all in' price),,,maybe you found some hidden treasure of under priced houses (if you do run out and buy as many as you can),,but the market will generally keep that from happening,,As far as HELOC's go, I don't know that you can use the equity in a rental property for a HELOC (I'm not saying you can't, but I don't believe you can).  

Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

Also get the name of the treasurer of the board and ask how many assessments has there been in the past five years, are there any currently anticipated, what is the delinquency rate and review all the financials of the HOA.

@Katrina HighBP is a treasure chest full of useful resources.

Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

Feel free to jump in the community here and also take advantage of the treasure of knowledge here.