Hopefully we can strike a deal sometime down in the Springs. 

This opportunity strikes me as a bit more hands off due to existing long-term tenant and a neighboring bank that appears to control the property, but it has a potential downside.I am very interested in your opinion on this unique situation.

Even REO properties are priced high.A mentor I am working with suggested I just start submitting 4-5 offers a week on these types of properties in the price where I need them to be knowing 99% will flat out turn me down, but 1-3 out of 100 may say yes, but I will never get that yes unless I have a 100 offers in.I ran that past my agent I am working with and she said she is fine with submitting those offers, but said if I keep offering say 40K on a house that is listed for 67K  (REO or otherwise) that I will end up developing a reputation with the banks and agents of not being a real investor or not being "serious" and they will simply start dismissing all of my offers because I am "that guy" that always offers 20-30K less than the list price.While that sounds valid the issue is at the moment as I follow these properties nothing ever comes down to even striking distance before it disappears to another buyer.

I'm working with a mortgage broker that I very much like working with, but these terms strike me mediocre at best. 

Strike a deal with one of those guys to learn the ropes before you dive in head first.

Know the market, focus and be ready to strike. 

That is one reason we don't us LLC to hold multiple properties--one strike against the LLC and they ALL can be 'out'.

Striking that balance between strategic and action-oriented behavior is a challenge.To the more strategic end, are there any comprehensive checklists for getting a complete REI operation rolling, particularly using the BRRRR strategy? 

I'd just strike up conversations with any local real estate you find, or anyone you know who rent out an apartment or two.

It doesn't necessarily strike down all HOA rules, but a good precedent to stand on.