In the case of a short sale, I believe the borrower has to approach the bank with your offer and the time frame could be 6 months before the bank will answer if they accept your offer.  

Rents that are significantly lagging market go up $75.I chose the Winter timeframe because no one wants to pack and move during the holidays and cold.

There should be timeframes for the lien to be enforced and brought to court otherwise it just goes away. 

What was the original estimate time frame for the rehab work again?

Most of the time, you can purchase a property with tenants already in place, but the leases often need to expire within a certain timeframe—usually around three months—so you can establish owner occupancy.

If you need to explore other markets close that's not bad, CO is pricey so it will be a longer timeframe to reinvest unless you do flips/BRRRs to recycle capital @Caleb Brown  Yup, I'm close to swapping the empty lots for a tenanted new build. 

I do not want to jump on the single because of the time frame and then the right multi fam come up, but I also do not want to miss my opportunity and be forced to continue renting even if its month to month I'd also like to ask you all for any pointers, suggestions, tips & tricks you might offer someone just getting started and working to grow their portfolio.

A lot can change during that year time frame. 

Good question, I think the biggest question will just be your overall timeframe and how quickly you want to get everything done. 

And you stay legal with time frames, notices, etc etc.