Based on the CU's loan calculator, we can finance that over 60 months for a $320 payment. 

This actually seems like a great scenario for a 1031 exchange based on what you've said.

MarketFinder: Helps you identify potential markets across the US that fit your criteria for investing and shows you this info below plus more based on zipcode, here's an example for a zip in Denver. https://www.biggerpockets.com/marketsDealFinder: Once you find a market you can dig into specific homes on the market at  https://www.biggerpockets.com/deals

A Title Company can distribute the proceeds based on the agreement, and consulting a CPA will help calculate tax liabilities and explore strategies like a 1031 exchange to minimize taxes.

Following - I'm based in California

The premise of those opportunities are based on you living there for an extended amount of time.

Based on the development expected over the next decade, I believe it's a great area to invest in. 

Can you deny someone's application based on this despite it being a medical marijuana card & not technically breaking the rules of smoking indoors?

We have made money buying properety based on cash flow (lower priced) rented out for a period, then selling to an owner occupant. 

If these homes were such great investments, they would keep them for their own portfolio.When you purchase an investment, calculate your returns based on actual performance.