Colorado is pretty dependent on tourism. 

This process usually takes anywhere from 30-45 days depending on the county.

Depends on your goals and the current market.

It depends where you are.

answer is depends..

@Dave Bobka @Justin Arnold So, if an investor is looking for a larger, family style home for a Section 8 tenant that is dependent upon public transit, this would be a great property, wouldn't it?

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

Typical equity build up time is 5 years, depending on your market.But can you purchase another rental using your own capital?

@Juan Mendoza  I think there are legal definitions for a bedroom and there are usual and customary definitions for a bedroom, with each dependent on who you are talking too and where you are located.