With the drive and focus you seem to have, I am sure you will enjoy much success in your REI adventure.   

I don't see the cash being taxed everywhere matching the appreciation --- which is a gamble, but real estate investing is speculation, or at least has been since colonial days in this country/region. 

(Cashflow from other investments make this possible) They invest following the macro and micro trends and don’t gamble on gimmicks such as guessing where Amazon’s next HQ is going or where the hurricanes just crushed a market.

If I wanted to gamble on appreciation with little to no cashflow, I might buy in one of the places you listed. 

Getting your money/ lenders and contractors lined up is another adventures, but none of it works if you pay too much or buy wrong. 

I've found some on Craigslist that were pretty good but that can be a gamble.  

I think at this time it's all sort of a controlled gamble.

We all go through life taking varying levels of risk, This is one I'm willing to gamble on, hiring a competent handyman.

People in Vegas will be too busy gambling and doing other stuff to wash dishes by hand.  

I find playing the game of real estate to be so much more fulfilling than any video games, gambling, and watching sports.