...and if I need to sell the house in 3 years that I can sell the house for a little more than I bought it.

Dave has addressed the numbers, so I won't go there, but this concerned me. How well do you understand the Las Vegas market? Are you really confident that it is rising enough that in a small 3 years from now you would be able to sell at a profit? Transaction costs are pretty high, and inventory was pretty darned high at one point as well, so unless it has hugely reduced or there are some reasons why it will reduce, I would tread lightly. I thought it was more distressed than that.

BTW, if you are looking to do a vacation rental in Las Vegas, it is my understanding that local legislation puts roadblocks in your way.

Any time I look at real estate investments I ask what is the fall back position if my original intent doesn't work. Since your dad is financing the property, in this case you would be screwing him over if it did not work out. You really want to take that risk?

IP,
probably more conservative than most