Here are some Rules of Thumb for Investing in Real Estate, even in Las Vegas, Nevada: 

Buy Low (like right now), Sell High. That means hang onto your property until the market bounces back, and it will bounce back. I'm reading anywhere from 18 months to 3 years in the Las Vegas market. We wouldn't have projects in the works in the billions all over town if Las Vegas, Henderson, or Clark County were a bad market. I believe that developers do their homework when they decide to spend billions of dollars.  

Great investors do the OPPOSITE of everyone else. If everyone is panic selling, start BUYING. The market may continue to fall for another year or two, but if you can stick it out for around 5 years, you will most likely see very positive growth. Markets are cyclical. The number of people moving into Las Vegas has not gone down. This is a Buy and Hold strategy. It's usually less risky than Flipping.

Buy on the RUMOR, Sell when it's NEWS. The tragedy of our market here in Las Vegas, Nevada is that too many inexperienced investors bought at the height of the market when they heard from the media that Las Vegas was the hot place to buy. Many investors bought with Adjustable Rate Mortgages that were to adjust in less than 5 years. That's extremely risky if you don't know what rates will be doing. Unfortunately for many new investors the market turned, rates are adjusting up and they can no longer afford their mortgage. By the height of the market in 2004, when the media began reporting our appreciation results, the true investors were selling their properties and taking their money to other parts of the country.

Don't be a Pig! Pigs get slaughtered. If you try to squeeze every nickel out of a deal, you'll lose out. You'll constantly be chasing the very top of markets and the very lows of markets and never pull the trigger and never make a profit.   

Don't Lie About Your Income. I've heard of card dealers here in town owning multiple properties worth millions. I wonder, how did they ever qualify for all those loans? Most likely, the banks didn't know about the other properties because all the loans were obtained separately to close on the same day so that they couldn't find out about each other. There can be a bit of a delay on your credit reports. This is loan fraud.

Get Good Advice. Trust your gut instinct. Does who you're getting advice from have experience and references? Are they recommending paying your mortgage payment with a Home Equity Line of Credit? That's horrible advice! Make sure your agent and lender also own properties and practice what they preach. Ask them specifically about their experiences. Most will be happy to share their successes and lessons with you.

Come from Abundance. There is always plenty to go around for everyone. And be patient.