Las Vegas has another factor that you might not have compared is that LV is still about 18% below their pre-recession highs while other cities have passed their pre-recession highs. 

@Nick Williams I agree with a lot of points made here, just wanted to reiterate or 2nd them.We've thought there's been a decline/correction/recession for a couple of years, but hasn't happened yet.

During the last recession I saw more turnover as folks consolidated - moved in with parents or friends, or bought with the juicy $8k purchase rebate, but the applicant pool was larger and for the most part, better.If you had to sell a single-family you took a hit like everybody else.  

A house which can potentially appreciate but not as critical as I am liking more of a recession almost proof type area and property.

BUT it’s helpful to keep in mind that in a recession it may be harder for people to afford the larger home.

Probably not a lot of noise most of the day, but there would be noise in the morning and during recess . . . and lots of traffic during drop-off and pick-up.  

Knowing what you know now...Let me start...I will teach myself to STOP the "No money down" guru crap I was about to embark on (so I can avoid bankruptcy)I will teach myself to have FINANCIAL DISCIPLINE - not show off but live a modest, simple, and FRUGAL lifeI will teach myself to FOCUS ON THE BIG DEALS and I will teach myself HOW to do BIG DEALS, instead of wasting time on the smaller dealsI will teach myself how to RAISE CAPITAL, combined with personal discipline so that I can have a HUGE CASH RESERVE so I can buy as many properties in the years 2008-2011 as possible- I bought a lot of properties in 2008-2011: I actually thrived during the recession but I wished I bought more :)What about the experienced real estate investors out there?

People found that out en masse in the Great Recession.

(But in all situations, I would recommend being careful and considering that good times don't last forever, and so what will happen to your investment if a recession hits).

The second layer I spoke with was Very knowledgeable and does closing at his office, he use to buy and sell real estate until the recession then moved to law.