Also, any suggestion of things to watch out for will be greatly appreciated.  

Is it to be expected that since I am hiring a property manager to look over my property, they should have kept a better watch on the place and should be responsible for fixing the damages, or is that just par for the course and I as the investor will end up having to pay for any damages done? 

Watch this video for a complete insight on what this means to you as a landlord.

I am seeing a lot more clients investing in the Vegas thing, and I tend to watch trends so I am always curious why investors are moving to certain areas.  

I have seen the good and the bad, I have watched some of the biggest names here in Indy get started and have helped most of them in some form or fashion. 

For example, would you learn on YouTube how to fix your engine if your car was having engine issues and waste time doing so or just take it to a mechanic?

Youtube channel for the property that you upload tours for you guests but also will spread out to YouTube watchers.I can go on for days but I will say losing that amount of money on an STR is tough to swallow.

I've watched many webinars and listened to hours of podcasts and it's time to hit the start button. 

They have zero accountability once you hand over your credit card.This is not specialized knowledge- it is free that you can find anywhere- free on social media, YouTube, bigger pockets, podcasts.

Keep in mind the other homes on the market may all be over-priced at the moment, which is why it's important to watch the market regularly and build a strong sense of what it's doing.