While that's certainly possible to do here, sellers hate dealing with buyers whose loan is subject to the much stricter appraisal criteria for safety & habitability. 

Its much cheaper for newer homes than the bay area, schools are all 9+/10, city has very high ratings for safety and quality of living, and the area looks to have a lot of growth in the next few years.

I do not have enough safety fund to cover this.

I shared your "financial mindset" of investing in a "C" neighborhood (specifically Franklinton) but by just walking around, you'll be able to feel changes in safety perceptions almost on a block-by-block basis.

Takes 8 hours visit and draw, 2 hours on bldg and safety, about $500 in permits, if you don't have a B license or can't pull it under owner-builder, then you can't pull, that means you need to pay about $400 (200 for b&s and maybe 150-200 for business licrnse) on each trade plus their time to pull those permits.

Sometimes that $500 you saved can cost you thousands when the city finds out and you have to rip it all down etcPeople always ***** that permits are purely a $$ grab by the city/government.....some are ridiculous..... but many are for your own safety and the smart way to do stuff.

Las Vegas has a lot of safety codes and regulations to follow, and a manager can help you navigate the most complex aspects of renting out your property.

I also was thinking keep the first property the way it is for a safety net because I have a family of 4 so I can’t get crazy risky, thanks again for the advice!

You’re better off just re-keying the house, and re-programming the garage door opener, as a safety precaution for your next tenants. 

If I did the math correctly in my head, you have only $10k of safety margin, right?