This will set up your buy and hold business long term. 

Any tips for navigating the competition in such a hot market?

This will get you 90% of the way there and should be sufficient.It works the same in a saturated area, it's just more to sort through.You are aware that STRs in Denver are allowed only in certain zones and you must live onsite?

Assuming property taxes + insurance added don't go above $1,100 total, you could maybe make this work. 

This one came from Massachusetts, a state where the eviction laws are not in the landlord's favor.

It requires no money upfront, so you will join thousands of others trying to do the same in your market.

Originally posted by @Salome Ditmars:Any tips on how to start with this?

In additional to conducting educational workshops, I also write blogposts for their websites.

Feel free to ask if you’d like more tips on what to look for in a PM. 

This strategy could work.