As Leo points out, with the leverage you have, at some level of price appreciation your investment will work out ok... but your time horizon needs to be 5-7 years of 2-3k/month if there's disruption in the market.

I think there is a huge opportunity in Las Vegas right now especially with what is set to arise in the horizon.

when you have somebody willing to pay over 2.5m you are going to get people that want in river oaks, blvd oaks , west u maybe, memorial hedwig etc...not a condo...yes i know condos trade and yes i know that theres a ton being built...but those are not factors working for you.right now oil and gas execs have a lot of risk on the horizon, they are your target market in my opinion.  

I'm glad to be here and I hope to learn all about real estate investing and expand my horizons!

Your threshold for buying that dream home may (or may not) be further on the horizon. 

I'd be really interested to see how these investments last once you factor in a longer time horizon, allowing for theft and bad tenets to do damage...A house that cost only $50,000 that brings in $300/m sounds great, but...

I have been licensed as a real estate sales person going on two years now, and felt it was time to expand my horizon through a forum such as BiggerPockets.

You can fund that yourself as you go since you have a longer term horizon.

I say new-ish because I bought a house here a couple of years ago where we live now but that we bought as an eventual rental.After two years, I'm looking to now look for new opportunities and expand my horizons.  

Just be prepared for how that will impact your financial situation overall, because the interest rates on those might be in the 25-28% ballpark - it's something you'd want to have a short term horizon for paying off.