You are also going to need to decide how to manage the property. 

The first house that I bought was 17 years old, 3 br, 1.5 bath, brick ranch house with hardwood floors, Andersen windows, ceramic tile baths, gas heat and a brand new roof. 

I suggest a neutral tone when you send your letter and hope for the best.

And your communications need to be very wise, meaning they can't come across the wrong way regarding tone, even when you're aggravated.

It is a older non rehab property but things are straight and roof, plumbing, electrical are all in good working order.

I own a roofing company in Denver and a separate gutter company there too. 

I'm going to need a few more details.

For down payment, plan to need 30-40%.

But the other side of the coin is correct - the downside, and it can be huge, is potential assessments from HOAs who aren't solvent enough for new roofs or roads or maintenance.

I have seen many investors fail here because they only have 1 or 2 properties and when the downturns happen it kills them,  So you are going to need more money and more properties to balance out the ups and downs.Investing takes time, it doesn't happen overnight, and I think people fail to keep with it when it doesn't happen immediately.