Most linear markets dropped less than 10% during the great recession while places like Las Vegas, Phoenix, Miami and parts of CA got crushed.

Inner NW west you can do that.Spokane , Wenatchee  Boise , Salt Lake  Vegas  ( although Vegas could run out of water same with PHX)Denver  .. its a tough one.. but as I said in my mind Humans adapt..   

Today converting to STR is so mundane that the STR potential is built into the selling price and therefore typically it cannot be a value add (I do leave room for places such as a casino is opening in 6 months and the sellers have not yet factored the resulting STR potential into the price as an exception).BTW 2021 and its over 20% RE appreciation has helped these numbers, but they were already outstanding. 

Quote from @Maria De La Vega: Thank you.

I am a new investor who is interested in investing in Las Vegas area.

The guy who was running the Las Vegas All County Management was also running the Phoenix headquarters!

He's a very experienced and successful developer that has done over $1.5 billion in real estate deals in the city of Detroit -- including large multi-family, commercial, casino, mixed use, single family, and more.

Meaning, in Las Vegas, NV if I want to purchase a home from someone at wholesale; and let’s say that property has an ARV of $325K, but I want to offer $200K, that would seem fair to most.

In Las Vegas they extended the moratorium on evictions for another 45 days. 

Quote from @Maria De La Vega: If it's less than one year, then you give them 30 days notice.