How are the property taxes in Nevada; fair, high or low? 

The price seemed reasonable but apparently it is too high.

Do like any wholesaler and market to high equity properites in you "buy box".

Being a builder, my first thought goes to the construction type items: Tile or wood floors, vinyl shower kits, high quality wall paint like Behr Marquis, solid wood furniture, good appliances not cheap rental ones, easy to maintain yard outside like DG, artificial turf and gravel. 

Not to mention the paperwork pain involved with each claim Any thoughts on just not having any insurance at all, or just some sort of liability and really high deductible ?

Market the property effectively: High quality photos; video; competitive buyer agent compensation; marketing to agents via email, social media, broker Open houses; etc.You and your agent may already have this covered!

I owe $40K on the loan & it has a high adjustable rate of 10.5% & rising ( started out at 8%).What I'm wondering is if I should sell or keep the property.

You get easily 5,25% with short duration bills that are highly liquid, without risk, and no tenant troubles.

The very high income investor typically 700k a year and up income with job or business who is busy but gets googly eyes looking at some pro-forma high return and have no clue what they are looking at.

The cost of entry is low while the cash flow is high.