I like the idea of maintaining a copy of the lease online for reference purposes.

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. 

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. 

Always keep in mind the true purpose of screening is to find reasons to reject applicants not reasons to accept them.

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. 

I wrote the above for informational purposes.

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.

What is the purpose of the lease if it is not enforced.