I'm open to any and all thoughts and ideas. 

You should talk to some of your neighbors or go to some of the rei groups here and ask them about getting a house painted even just for labor for $500 and they will tell you have found a fool, a super desperate worker, or someone totally new to the area and has no idea of the going rate.  

I don't think 55k is a small amount and with proper due diligence and searching, you can put that money to good use and see it grow over time.

The unit was wrecked but I was sold a rehab project that would be much more expensive so that the unit could be converted into a bigger living space; the idea being that we could get more rent out of it (close to $1200 vs. $800/mo).The rehab was supposed to take ~ 3mo.

Right now you know very little about real estate and worse, you have no idea the things you need to know to get started.My advice is to be patient and find a mentor you can talk to. 

I know there's STR restrictions in LV proper, but since this is part of a resort, I would assume the resort can rent my unit when I'm away?

Keep in mind its always a good idea to consult with a real estate-focused accountant who also does asset protection to get a full picture for more complex strategies.

This is not an exhaustive explanation, but hopefully, it gives you an idea of the market These lenders are in.

I also read that a proper structure must be followed to defend future assets like trusts under LLC, etc, because there are many assets hunters going for your properties and looking to sue you. 

Might be a stupid idea, but just looking for some insight.