I did work for a commercial real estate investor prior to jumping into syndication, so that gave me a strong knowledge base to start with.

Is this a cash-flow play or an apprecation play?

If one of those can't be shown, the request for appeal may be denied or the court may hear the appeal and return a per curium affirmed (PCA) based simply on the briefs, both of which will shorten the length of time to conclusion.I looked at the CO promulgated real estate contract, and it has a provision that the prevailing party will be awarded their costs and expenses including attorney's fees, so the parties better be sure of the strength of their positions.If it were me, I'd probably push for mediation as soon as possible. 

Based on my experience of running properties, even if the build were to cost you as much as $600k but you could generate $125k/year, you'd be very happy with that investment. 

Take time to learn through military-focused resources like Military House Hacking or Active Duty Passive Income, and connect with other military investors online or on base.

If you know you are going to 30+ properties quickly I would choose the PMS based on that rather than where you are now.

I'm an investor and Realtor based in Central NJ. 

Based on the numbers and my strategy, do you think this is a good investment for my first property?

The interest tracing rules come into play for debt financed distributions.

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.