Income would cover rent for a short time.

I am from Buffalo, NY and will be moving to Charleston shortly. 

@Ben SyzekFor long term rentals in Colorado Springs you will need to find a deal at 50% ARV (This is very hard) or do a large down payment of 25-35%.

20% down is available, 25% down will bring significantly better terms in a lot of cases. 

But you are absolutely demonstrating your intent to hold for productive investment use.

As a percentage closing cost as percentage goes down as value increases but we will 15X to account for closing costsNo cash flow per OP.2% market appreciation equated to 30% + 15% = 45% 3% market appreciation equates to 45% + 15% = 60%4% market appreciation equates to 60% + 15% = 75%Recognize in virtually all markets the cash flow increases with hold length especially if a fixed rate loan. 

And I also see many questions popping up about running a short term rental business, which to me is more of a business than an investment although it does involve an investment in real estate. 

Wow, so many accomplishments in such a short time!

Many investors in your situation also explore seller financing or subject-to deals to minimize upfront costs, especially if they find a seller open to creative terms. 

I would suggest you also research the zoning code so there is an additional upside long term.