It sounds like you are on the right track to making a great decision. Investing in real estate in the Las Vegas area is an excellent idea right now. The rental market is booming too. There are many tenants in the current market due to all of the foreclosures. Many families are having to move out of their home and rent a place to stay for a while. This benefits any investors jumping into our market.
The one decision you will have to make about the property that you purchase is the difference of a condo and a single family home. A condo will usually have much higher homeowner association dues, yet there is literally little to no maintenance. A single family home will save you some money on the monthly HOA dues, but you will have yard maintenance and property upkeep. So it will depend on what you want your bottom line to be. There are also certain neighborhoods that you should consider for either of these choices. A great neighborhood will go a long way when it comes to getting the most rent for your property.
I know of some excellent locations and properties in this current market that will easily give you a positive cash flow. They will also be a good investment for your money for you to buy and hold them for a while so you can gain some equity down the road. I hope this answer gets you on the right track. Feel free to contact me so we can talk about your situation. I know I can help you with what you are looking to do. Many of my clients are purchasing some great investments right now and they are extremely happy with my services. My contact info is below if you decide to call me. Hope to hear from you. Take care.
Len McGuirk, Realtor
Prudential Americana Group
Direct: (702) 203-6688