The median price point in both markets still hovers around 200K-250K and there's huge growth in both markets for similar economic reasons.

I do believe that with the national crisis the eviction process in VA has been extended to the end of this year.

Internal Revenue Service, or (iii) received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act;3) the individual is unable to pay the full rent or make a full housing payment due to substantial loss of household income, loss of compensable hours of work or wages, a lay-off, or extraordinary out-of-pocket medical expenses;4) the individual is using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other nondiscretionary expenses; and5) eviction would likely render the individual homeless—or force the individual to move into and live in close quarters in a new congregate or shared living setting—because the individual has no other available housing options.

The million dollar purchases don't come as often as I'd like, but on those deals I'm much more able to lower my fees or even do the closing at cost.I'm not saying you can't make a lot of money working in title; I'm saying that on a lower purchase price it's tougher for us to discount our fees because our profit is much lower.Thank you for the math and economics lesson but it really wasn't necessary, I'm pretty familiar with how a title agency works. 

Internal Revenue Service, or (iii) received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act;3) the individual is unable to pay the full rent or make a full housing payment due to substantial loss of household income, loss of compensable hours of work or wages, a lay-off, or extraordinary out-of-pocket medical expenses;4) the individual is using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other nondiscretionary expenses; and5) eviction would likely render the individual homeless—or force the individual to move into and live in close quarters in a new congregate or shared living setting—because the individual has no other available housing options.

Don't get me wrong Las Vegas has an awesome appreciation but I think due to the current health crisis Las Vegas can be a more volatile market than Texas.  

This won't be 2008 again because economic pain isn't coming from real estate this time.   

HIGH LEVEL VIEW:Potential locations: appreciation, population, per capita income, taxesLocation validation: major employer viability, economic trend, economic stabilityTarget tenant pool: segment most likely to produce "good tenant pool" tenantsProperty profile: type, location, configuration, rent range which the target tenant pool is willing and able to rent and is profitable.Investment team: property manager, realtor, trades and others as neededCandidate properties: price, ROI, time to rent, crime, location, proximity to jobs, trafficSpecific properties: return, time to rent, rent range, rehab cost, rehab risk, area vacancy rate, proximity to jobsLOCATION RESEARCH:City economics: https://fred.stlouisfed.org/categories/27281Neigbhorhood breakdown: http://www.city-data.comNiche ranking: https://www.niche.com/places-to-live/search/best-places-to-live/Property taxes: https://www.fool.com/millionacres/research/property-taxes-state/Property insurance: https://howmuch.net/articles/homeowners-insurance-rates-2020CORE 4:Team members that is especially important for OoS investments are Realtor, PM, Lender, Contractor.

As for operating reserves, be aware that we are generally in a high economic vacancy environment and the CDC just announced a pretty sweeping eviction moratorium until the end of the year.

Real estate is a huge economic driver down here so people sometimes list to "test the market".