@Ben SyzekFor long term rentals in Colorado Springs you will need to find a deal at 50% ARV (This is very hard) or do a large down payment of 25-35%.

Also, don’t stress about making your first deal perfect.

What made you interested in investing in this type of deal?

So you will work on your credit while learning to underwrite deals. 

In our client’s experience, landlords often receive only the government portion, not the tenant’s portion.

Then when you see some tractions or close some deals, you can reinvest in your website.

One of the first deals I had (multi in an up and coming area) my buyer was paying cash and the deal was solid.  

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

Out of state investors can do really well here, but you can also lose a decent chunk of money if you buy wrong.Lots of out of state investors, especially those from California get a little blindsided because everything here is so cheap it all looks like a guaranteed great deal.

Additionally I would suggest having the long term financing relationship built so that they can easily transition the deal after renovation.