I am about to close on my first home which is west of LIttleton, CO (off Bowles & Wadsworth specifically for those familiar with the area).

At this price point you will be buying in west side or maybe some areas of north side.  

We own six units ourselves and know about renovations and take pride in where we live, especially when it's someone else's.We're looking for a SFH to rent in the Valley or West LA. 

The main hurdle that many of our borrowers face are the income aspect of it, especially expensive markets like the West coast.

Meaning West Loop, Logan, Bucktown, Lincoln Park, North Shore, Gold Coast, Old Town, Wicker Park, Logan Square, River North.. list goes on!

I own all of my investment properties here and work with a lot of out-of-state investors in both the east and west coast that love investing here for the turnkey and BRRRR opportunities that we have here.

(For instance, if you live in one side of duplex in Denver, you cannot STR the other side, but you can do that in Wheat Ridge, just west of Denver.) -- If you're buying a SFH that has a separate entrance setup, you can totally rent that basement while you live there, but that most zoning does NOT allow you to rent two separate spaces once you move out.

In terms of areas, I would look west towards Bellevue, Pegram, Dickson.

It's a different world from when I started. 40 years ago landlording was the open wild west.

You should have a minimum of $15k in reserves for repairs.Your challenge is 1. finding a place at your price point (you might want to branch out to Bayonne, Union City, West New York) and 2. finding a vacant place or one with renters paying market rent.