In addition to good cash flow, both have strong economic and demographic fundamentals like job growth, population growth and a diverse, modern economy.

I'd strongly consider renting   When I lived in hawaii for a few years, I rented a room with some buddies which allowed me to continue to build my cash position before buying my first property upon relocating to the DC area.

Although the market here in Vegas is very strong and continues to increase in value, it may not be the best place for getting large ROI on buy and hold properties.

I know many HOA's won't release documentation to a buyer purchasing within the community until after appraisal and inspection of a property are complete- and then, I'm not quite sure how clear their books may be or how strong of a predictor they would provide in your estimations of future special assessments. 

Rents will not go down when demand remains strong.  

If you have a strong desire to succeed and you can realistically devote at least 15 hours a week or more to real estate as a business, then consider going active.

You can still check the box other and be a strong buyer.

I’d say getting licensed helped me better learn the market, network with peers, learn the mortgage industry, how to make strong offers, find deals, etc. but it takes time to ramp up the income.Somehow I got the best of both worlds with a steady paycheck with a job I get to do from home, and the flexibility to keep up with my real estate deals.

Make sure your comps are strong and your repairs are strong quotes as well.  

It's been a strong rental in the sense of occupancy.Repairs on the house have been mostly minor.