Auction.com has an estimated ARV of $600k, but we are taking that number with a huge grain of salt since any comps close by seem to be more around mid 500s.A quick plus delta of the situation as we see it:+ great location (corner lot, water front on a small lake, good neighborhood with very nice neighboring properties, close to main road).+ REO with a motivated bank seller (assuming they will be dropping their minimum each time they put it up for auction?)

My main concern is that I don't know the weather/water patterns there well enough to know if the issues called out on the report are super worrisome and will need to be repaired ASAP or not.Thank you all in advance!

I have replaced the kitchen with all stainless appliances, new AC and Furnace, and Water heater, new sump pump, new basement grinder pump, new pool pump, new pool cover, and done a lot of painting on the main floor of the house as well.

This was my main question, if I pull out a HELOC now and then sell the house after, is that money considered for Capital Gains tax since it’s technically a debt?

The main thing about Vegas is that cash doesn't matter here.

Just check your state for licensure requirements. there are 12 states that require NMLS and state license. mainly west coast and the Dakotas and MN.. quick call or look up will tell you,  For sure though you can do owner occ at all with out NMLS and state license. unless there is a carve out for a few a year this allows owners to sell their homes on contract but does not allow someone to make a business of it.

3 bedrooms with 1.5 bathrooms, 2 Living Areas with Dining Area overlooking backyard.

My main reason for renting it through AirBnB and HomeAway is to pay for expenses so that we can use the home also.

However, I’m debating between 3 main options:A) Buy a primary residence with a higher down payment and lower my monthly mortgage payment.

I avoid high tension power line routes and toxic waste dumps areas and industrial areas and light manufacturing areas and main highways.