@Gavin Wynn In my market it is common for the landlord to pay for the heat and almost always the water.

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.

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.

It''s like selling a bakery and the building, you have to value both.Arguably, the buyer pool is small, but maybe there is another operator close by, who would like to expand and leverage synergies.

Have done tons of cleanouts on evictions too, nothing surprises me anymore on how some people can live.The hot water tank had things growing in the hot water overflowing, the refrigerator was tucked in a back shed area where everything inside had liquified. 

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

White sands, blue-green water, loads of tourists. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

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.