He did not know about low cost options or raising money.  

That doesn't just include the interest rate but can also include many/all loan costs as well - varies by state but can include points, title, escrow, processing fees, etc. 

The purchase of the unit is going to be sooner a few months, you could wait to rehab both at the same time which could potentially help reduce the costs of the rehab. 

If it’s feasible, how long might the process take, and what costs could I expect for the necessary permits?

The city's median household income of $31,843 a year is well below the U.S. median of $57,652.There are likely many factors that contribute to low incomes in the area, though one of the most significant is employment.

I would guess rents are low compared to sales prices, because every local is probably parking their cash in real estate if they have cash, before it is worth nothing.Also many countries have no leverage or no leverage for foreigners, so cash only game. 

See the 2020 aerial view below.Very little undeveloped private land is left in the Las Vegas Valley, and desirable areas cost more than $1 million per acre.

Of course he thinks all that lead gen is way too costly - so instead he gives up 35% of his commission to Realtor.com to get those leads.   

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

Rents are low right now.