Everything is arguable because times have changed and our economy and the regulations are all very different compared to the early 2000's.There will be another crash. 

With vacation rentals (especially in upscale, high-revenue areas on the beach) amenities such as pools, lazy rivers, landscaped grounds, exercise areas, etc are key in attracting year-round visitors.

If this is the case - you may not be required to pay state taxes on the interest earned.You should compare the interest you earn on the deal with a muni bond that you can invest in.

There is no limitation on interest deduction if you use the funds fro rental.I would also suggest comparing interest of heloc and other cash out option to see which one is most favorable. 

At this point in the cycle prices are high and the competition by investors is fierce for the few deals that are out there.I don't know how Vegas compares to the other markets you are considering, but if all you want is cash flow for a buy and hold investment, anything can cash flow if you put enough down or pay all cash. 

Construction went from 8 weeks to 14 weeks due to a variety of reasons; main one being that I let the wrong person lead the project on the ground level, which ended up leaving things at a stand-still a week here and a week there, and those weeks and days of doing nothing adds up fast! 

It needs new greens, probably irrigation systems, and some TLC to the clubhouse and property grounds...as far as the subdivision, there are some very nice homes and they are starting construction on upwards of 400+ NEW homes in that subdivision.

He was on the ground and I helped finance the deal.Deal #2 (2006) Beach condo with no money down, in San Diego, at the peak of the market.  

Once I finish that book I will read Brandon Turner's book on long term rentals and compare both books to my current market and my own personal preferences and make a decision on that one so the jury is still out on that one.Hope this helps! 

Even if its a gold mine, land cost is usually very small compare to overall project thus profit margin is low as well.