I wouldn't recommend it. Reasons:
1. Rental income to purchase price is NOT good. Get an estimate as to how much rent you can charge for whatever condo you have in mind. Also, make sure that the Homeowners' Association allows rentals, and check to see how tenant-unfriendly they are.
2. Condo carrying costs are too high, relative to the rental income, eating up most of the rent.
3. Given 1 and 2 above, even if you pay cash for the condo, you will likely be in negative cash flow from the HOA, taxes and insurance. Even before you factor in management costs and vacancy factor. I have not seen a condo deal in Vegas that will pay for the HOA, taxes, insurance and carrying cost of an 80% mortgage.
4. Vegas has a huge transient population. There is a large tenant pool, but most of the prospective teants are NOT stable. They've moved to Vegas after striking out elsewhere. It is hard to get applicants who have first month and one month security deposit.
5. Condos don't have much appreciation potential, in my opinion. Especially in large complexes. In a 200 unit complex, assuming a 5 - 7 year hold time, you would have on average 30 - 40 units sold every year. So you are likely to have 10 units for sale when you want to sell. With that kind of supply, how will the prices ever climb?
6. As to long distance ownership, you should talk to Leigh (CA).
7. I have been unhappy with the management companies I have used in Vegas. Too many high priced repairs, poorly done (or not done, even though I've paid for them). Too many unauthorized repairs, never reported until I got the statement with the deductions. Inadequate prospective tenant screeening. Lots of tenant complaints. Too many landlord complaints (resulting in a termination of the relationships).
But if you find a deal that makes economic sense, go for it. I have faith that Vegas will come back, as strong as ever. I just think the Single Family or multi-unit opportunities are usually better than condos.