Denver (and Colorado) is a destination for people with money.

To answer your question directly OP, to sell a deal and make money. 

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

What can go wrong, how to prevent those things from going wrong in a JV and tips for ways to solve those problems when they do go wrong.As a JV money partner, those are the most important issues.

I am assuming you know it will lose money most likely?

I was out of college (just earned my degree in Culinary Arts) and was constantly running out of money.

When the ROE is significantly smaller than my CoC return (based on initial investment) I know it's time to make a move to increase the velocity of the money.

If it is a private money/ commercial style  lender, it is a relatively simple process.

If I would have bought a sustained portfolio with multiple units rather than starting with a single purchase I truly believe I would have lost a lot of money while my systems flailed rapidly attempting to catch up. 

While I will still lose money on it in the long run, I'm at least breaking even on it monthly and no longer have the headache of it.