I want to buy 2 properties (one to live in and one to rent out). Would I need to get 2 different loans?

Yes, you need two loans since you are making two COMPLETELY separate purchases. If you were unable to afford one mortgage, would you REALLY want the bank to take BOTH properties?? You would need to have sufficient income to carry both loans. Potential rental income DOES NOT count. Also, you normally need 30% down for income properties. There are no "Nevada Laws" about this, because these are BANKING INDUSTRY standards. The state of Nevada has nothing to do with this. You need to hire a real estate attorney before you do anything. Going cheap by reading a "book" will get you into serious trouble.