I would bet that the cost of the land is contributing to the $4M cost - although that does still seem high.. but I'm not super familiar with Truckee market. 

We try to make sure the seller knows within 10-15 days max if we can perform or not, so they always can have another option.

You need to know the market well, have enough reserves for inevitable expenses, and closely monitor the asset’s performance.

I work in Denver (as well as Colorado Springs), and that city is performing very much like Ausitn.

I’m always asking how much a project costs when I hear folks talking about doing renovations, and I ask how their contractor performed.  

Long term play, this is likely your best bet.

Denver definitely is a commuting city, but the surrounding areas also have their own business hubs so lots of them are a good bet.

I recommend focusing on getting a great investment property and disregarding Section 8 in that pursuit because any property can be a Section 8 property, but a lousy investment is lousy regardless of having a Section 8 tenant or not.Section 8 will perform a basic functional and safety inspection for your units after you have an agreement with a Section 8 tenant and your local housing authority.

I would say your best bet is to see if you can purchase a home with an assumable mortgage. 

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