What sort of cap rates are small multifamily properties trading at these days in Vegas? 

My wife and I have been investing here since 2015- we do several flips a year and have 20 rental units we self-manage.I'm a licensed Home Inspector and licensed General Contractor. 20 years in the trades.

I recommend you join the local state trade association for mobile home park owners, and you will probably learn a lot and learn a lot of names of attorneys and others that can help you.

So knowing scope would help narrow down on risk mitigation tactics.I guess at the end of the day, it all comes down to knowing what is needed, order of operations, and having as close to true quotes from reputable contractors in hand.Beyond that, really knowing all that is needed and having those extremely detailed scope of works for each trade before you get your bids.  

I recommend spending a little extra money and pay to have trade specific people inspect the property too, not just an inspector.

As Michael said, it depends on if you got to the level of a trade or business when it comes to lending.Some important things that will determine this are1) The amount of loans you are originating on an annual basis2) What your intent is when forming this partnership3) The value of the loans you are originating compared4) etcBest of luck

I would encourage you to get in to the trades, could probably start this now or very soon.

Washington offered to trade his surveying fees for those parcels he considered ripe for development, and utilized any money he earned to do the same.  

For your first project it is nice to be able to see it, talk with all the people involved, know the area, know the schools, know the employers, know the neighborhood, meet your trades, etc. 

A lot of these properties are still trading at low caps, and they have a lot of deferred maintenance.You're seeing a lot of these older properties being traded now.Gino