I've already done my numbers to make sure these properties are already contenders to purchase, but this is my first multi family purchase, so what should I be looking for or looking at when it comes to these properties? 

Since I have no funds for the downpayment, I also have no funds if they structure the renovation drafts to reimbursable and they don't upfront the drafts, so potentially, there are two sources of financing I need to consider - downpayment on the loan itself and any upfront renovation drafts (reimbursed each time)I realize I'm totally scrapping the bottom of the barrell with precious little as a starting point, but I'm sure others have made it in the past before and I'm hoping I can do the same following the wisdom of other investors every step of the process.I'm also considering a rehab only loan, if the sellers would allow this and split the profit with him, thus negating a sizable downpayment on loan (if any) and I'm only need to contend myself with the much lower rennovation loan costs, to which HML or private investors would be an option. 

Really any of the surrounding Denver Metro Area cities are ripe for investing, I think Arvada, Westminster, and Lakewood are all strong contenders for potential BRRRRs if you are able to find the deal. 4.

Maybe you have an estimated sale date.If the "estimate" (that's all it is, a guess based on assumptions) of Realty trac is a $425 bid and you think its worth $500 after reno, unless your reno is less than $5 grand, you have one very thin margin of profit and that assumes you have no junior liens or other big ticket items to contend with.Lender can't bid more than their total debt (The other lender can bid though).Also, to clarify some of the other poster's comments.1) The new law that goes into effect in January, may have an impact on some bids however, no one can "Team with non profits and others", as this teaming up is specifically prohibited.

Where ever I buy that first plane ticket is likely to be the top contender, so I'm trying to narrow the field and not set out to research more than a couple of key areas that are hopefully driving distance from each other. 

It is also tougher here because you have a lot of competition from other investors and you have to contend with the iBuyers. 

Attics can be challenging with the slope of the room to contend with.  

I know prices are high but so is Boston and the lower downpayment + your existing knowledge of the could make the cape a good contender.  

In the 1981 Gorod case, the Tax Court said "...Respondent [MP: the IRS] also contends that section 280A precludes the deduction of the rental expenses and depreciation, apparently on the theory that petitioner's occupancy of the upper unit constitutes "personal use of the lower unit.

. $40k is not enough to buy two $100k properties, as most banks will require 25% down on investment properties, and then you'll still have closing costs to contend with.