Nowadays the house would probably bring in about the same in gross rent (there is more competition but rates have gone up as well) but the rent for that house would be $20-25,000 per month as the demand and shortage in housing has caused a great increase in price.  

If the owner can cover the shortage its not a short sale.

With regard to shortage of vendors, I 100% understand that, but they should have warned you up front.If you have no cap on expenditures that can be made without prior approval, that can be dangerous.

There is a fundamental supply shortage that has not been addressed.

We had a particular property in mind when we went there - as we had seen the property before hand and we couldn't get it worked out with the bank because of shortage of time. 

They seem to realize there is a shortage of housing - specifically affordable housing and are working to open some doors for investors but it isn't a fast process. 

I work directly with flippers and there is no shortage of opportunities to flip in here as well.  

I feel like there is a housing shortage, and it should be pretty easy to get a good renter and the right price, but I guess being new to this I'm a bit worried that I may end up buying a property and it will sit empty due to either people not needing rent or I will rent it but the price will be low that I either am just making the payment or it costs me money to rent it.Thoughts?

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.

Its in close proximity of Austin and housing is in major shortage.