There are plenty of reasons to buy income property in Las Vegas today and little reason to wait. This article explains a few of the reasons why and how while explaining the odds of another real estate meltdown are very low.
There is no guarantee that we have seen the bottom in real estate prices but there is not much room for prices to go down further. Another 50% drop is only a remote possibility and if that happens we would all be wiped out anyway. It would mean devastation to the economy and to jobs. Right now property has value in that it is priced low enough to produce nice cash on cash returns immediately if you make reasonable down payment.