What tip I can share... depending on your potential tenant... if you can get into a property that is in Legacy high school district in Broomfield, that is a very good start (I've had no problem renting out my properties in that area and for a reasonable premium).  

We essentially stripped the house down to studs and replaced everything - new HVAC, new electrical, new plumbing, new roof, drywall, carpet, tile, kitchen, bathroom, you name it!

There are also other ways to determine value such as a BPO (broker price opinion) where essentially a realtor pulls comps, etc.

Does anyone know what the rental market is like close to the new "creative district" in the city nearby Market Street and the Riverfront area?

Essentially, it does what I described earlier: if you buy a distressed asset below after repair value, your appreciation has already happened - it's the difference between your cost and ARV.

I don't know what the rules are in NLV, LV has rules that are pretty easy to comply with from what I have read, Unincorporated Clark County has essentially banned STR (although that doesn't seem to stop people), so just be careful about where you are buying. 

@Corey BallantyneIf you are planning to pool money from different investors to purchase real-estate, then you could form a company with 3-4 shareowners and have the company purchase the property - if you are dealing with residential properties you all owners will likely be asked to guarantee the financing.If you are looking to collect monies from a larger group, then you are essentially creating a fund (like a REIT) and should consult with a securities attorney to help you understand the process and costs before you launch yourself down that road.   

I agree with @Curt Smith, checkbook control is almost essential depending on your type of investing and a Solo 401k sure beats an IRA if you are eligible.Contributions limits are roughly 10x higher, there is no custodial requirement for the 401k, you can take participant loans, you don't need the additional expense and administration of an LLC to have checkbook control, there is a built in-Roth component, a spouse can participate, there are additional tax benefits, there is generally greater privacy, and the plans are often quicker to setup and cost less money over time especially compared to most IRA LLCs.

He essentially finds rehab homes, mainly foreclosure properties, connects you with his hard money lender (20% down, 2 points, 10% interest), connects you with one of his contractors, and then will list the property for sale.

We are essentially the bank.I am currently looking at several properties in Fayetteville.