In CO it appears that PAs are not restricted in how they charge fees unless in the case of a "catastrophic disaster" per Colorado Revised Statutes § 10-2-41.3) Have a different roofing company review my roof?

When involved in rentals, distance yourselves from your rental by using an LLC because it can protect you from frivolous law suits like slips and falls, damages in the units and catastrophic events like earth quakes, 100-500 year floods, fire and a list of other issues that may arise during ownership.If you hire an attorney, be careful, because most are after FEE's and can drag an LLC out for extra billing fee's!

This would have catastrophic ramifications for the remaining owner occupants who can't pull out as quickly as an investor.

@John Williams I've been fortunate enough to escape any major catastrophes so far, but here are the things I know are important:1) KNOW YOUR MARKET.  

In the event of a catastrophe, i could probably just pay off the note and sell the land rather than rebuild, correct?

This fear can cause you to make a catastrophic mistake.

A good agent provides a second set of eyes for your due diligence process, which can be the difference between successful REI, and total catastrophe--and this is 1000x more true if you're a new, inexperienced investor! 

It’s likely that any major changes to the real estate investment market will be cushioned by a strengthening economy at large, removing the possibility of catastrophic market failure.Rising interest rates have a visible impact on real estate markets, but they are not anticipated to damage the market in upcoming years.

I'm starting to drift towards the idea of only having catastrophic and liability coverage.

Their point (which is very rational) is that without equity you have limited exit strategies and if Plan A doesn't work out, you're S.O.L.Other investors will point out that if you have appropriate cash reserves you can deal with the vacancies and repairs that can otherwise cause catastrophe for low/no equity investors without cash on hand.