It's December, and it's time for another Las Vegas update.

I am aware of Crexi, Bizbuysell, and Loopnet and reach out when I see something for sale on those sites.

There is a saying in business, "If you're sitting at the poker table for more than 15 minutes and you don't know who the patsy is, you're the patsy."

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

@Michael NguyenA lot of it depends on your market and what is more available and attractive. 

I would focus on new-build multis because you will be at max rent for LTR and scalable for STR.

I personally use Stessa (included free with your pro/business account) and Monarch.

You have engaged and paid securities attorney and are compliant with Reg D offering 

I focused on construction to permanent loans on site built, manufactured, and modular homes.

Purchase the first one cash (to mitigate risk) and the second property with a loan.