Kind of like if you are new to Chicago and ask your co-workers where to live, they all tell you their neighborhood, because that is what they know.Three things I suggest:1. 

I am considering taking the CO/national real estate exam + course hours requirement and becoming an independent broker or associating with a small brokerage (I can see the benefit of associating with a firm experienced in the area and able to bounce ideas off of).

Multifamily here in Co Springs and Denver area has been "overpriced" somewhat because of the military presence and rise in popularity of house hacking. 

You won't sell it if you didn't get permits as most municipalities require you to get a CO or the buyers will do an OPRA request and see you didn't pull permits.If you did electrical or plumbing without a permit, the walls will need to be opened up to expose the work.You won't be ready to sell in 3 months.

As for SW markets, ABQ is the "affordable" option as SoCal, AZ, and CO have become over valued making it difficult to find decent deals. 

Hi,My wife and I have been working on a plan to turn investment properties into assisted living homes in Colorado.

I'm also a licensed agent in Colorado and that money goes to my "wants" like special trips, gifts, and money for my future rental properties.If I wanted to 100% live off my rentals and have no issues or concerns with money (reasonable quality of life), I'd want to be closer to 25-30 rental units.

Or they simply get tired of being on call with guests, 24/7 (yes, there are co-hosts and VA's, but that is another person to manage).We just took on a home that was previously owner-managed - it had tons of deferred maintenance and the calendar was 50% empty.

All great points from above and honestly the best why to get into investing is to do a House Hack/Co-Living.

They co-mingle funds or hold the opinion that it's "my money."