That said, a condo or apartment just outside the Strip could still work if it offers something unique, like better pricing, quieter surroundings, or extra amenities.Personally, I’m more into staying at hotels and resorts in the U.S. because they usually provide a full experience with pools, restaurants, and entertainment.

Still, if you’ve got someone on the ground who truly knows how to navigate these waters, it’s like being handed a map with all the back roads highlighted.

The rental might be vacant for a month,(8% loss) or a tenant might not pay for a month while you pay to evict them.(8-16% loss)  A $1,000 appliance/water heater, or a $8k rook or hvac unit might go out.(5-40% loss)  You should be paying a PM 8%.

The problem is the waters are muddied when a negative occurs with the investment that is in no way the result of dishonesty or incompetence; it’s merely the revealing of the probability of an outcome that has been properly disclosed as a possibility - yet the unsophisticated investor begins crying Ponzi scheme, theft, incompetence and every other accusation they can think of rather than considering the possibility that they made an investor with higher risk than a money market fund. 

Are you paying any utilities as the owner, aside from water and user fee?

Make sure you have smoke and CO detectors in appropriate places, GFCI outlets near water, functioning mechanicals, make sure everything is in good condition and you shouldn't have a problem.

Ok, so maybe I am not getting it but I have a hot water boiler with separate zones for each unit.

It blows quickbooks out of the water with ease of use and I can do the class tracking that the basic $20 a month quickbooks was lacking.There's a phone app also, I just added it to my phone, so I'm not sure how much I will use it yet other than for reference as opposed to opening the website for details. 

I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

After you paid for a hotel for your tenants for the last week while the ac, the heat or the water heater was broken.