Opinions for determined newbies in Denver area soon to retire

[Patricia Miller]

So, assuming this is a question for the "Fire Round" on the BP podcasts - is anyone willing to offer an opinion about or strategy for the following idea? Condos or apartments? Townhouses or SFRs? etc., etc.

Goal: develop modest cash flow ($3,000 - $8,000 per month) while building a buy-and-hold portfolio over a period of 5 years in the Denver and surrounding area.

Initial investment: $80,000 cash immediately; additional $180,000 within 6 months (from sale of home), need to live somewhere as part of the plan after the sale of the home.

Investor experience: 0

Investor strengths: Willing to work, research, organize, engage in and manage light-renovations (or build?); super-high level of motivation; experience with 2 new home builds (with contractor) and a life-time of home renovations 

Investor weaknesses: not willing to deal with difficult tenants; leery of investing in lower rent/unsafe areas; moderate risk tolerance; probably more passive involvement after 5 or more years

I'm doing lots of research now, listening to podcasts all day long, reading, and pouring through Zillow, MLS etc to see what is what. Currently realize that deal-finding is critical...

Thanks!