We've also had a lot of clients buy just east of downtown Colorado Springs (Shooks Run, Old North End, Patty Jewitt, etc.) and Airbnb a basement to live rent free if you're open to short-term rentals.My personal opinion? 

It may be best to go it alone, get experience as a landlord, live rent free then go bigger on the next one and bring in a partner. 

I like the idea of the other 3 units paying the mortgage so I can live rent free and save for the next investment.

They were low on cash so we went with a 5% down 10 year arm loan to lower their monthly payment and allow them to live rent free.

An owner occupied triplex allows me to live rent free while putting a few dollars in my pocket.

You take care of all the bills and see that the landlord is paid and for that service you can probably live rent free or even pocket some funds each month.

This isn't because of any scary "bubble" or "crash" caused by oil, but because A, it's historically that time of year where the owner occupants with kids are back in school, which leaves us o/o's w/out kids, transplants, single folks and investors - demand will be down.

They can use it as their dorm  and rent out to several roommates, too so that they can live rent free and have their college buddies pay their way while they begin their journey into real estate.  

., I'm also a CA transplant living in Texas and loving it!

Nevertheless, even if this place becomes a less favorable destination for transplants, we do have a population that will need to expand with natural growth and that will sustain real estate prices for a while.