I thought that I had read enough books and could prevent myself from falling into this trap!

Sometimes people fall in the trap that retail is foolproof and nothing can go wrong.

I like the section 8 model and I have a friend who invests in section 8 as well so I feel comfortable starting there. 

If the market drops substantially or tanks in say 5 years, I will be trapped in my house.

You don't want to fall into the common trap of rolling short-term debt into a longer-term amortization.You are asking the right questions.

Of course I highly recommend reading but don't get caught in the paralysis by analysis trap and think that you need to keep learning before you buy your first deal.

I think it cost $130.The P-Trap under the master bath sink was leaking, I repaired that.The dryer vents needed cleaning, I did that.The dryer stopped heating (it's an LG from 2014) so I called a place and they said they could come out and fix it DURING A WEEKDAY. 

If it were me I'd try getting a few live traps and catch them myself. 

Notice to quit(1) A tenancy may be terminated by notice in writing, served not less than the respective period fixed before the end of the applicable tenancy, as follows: (a) A tenancy for one year or longer, ninety-one days;(b) A tenancy of six months or longer but less than a year, twenty-eight days;(c) A tenancy of one month or longer but less than six months, twenty-one days;(d) A tenancy of one week or longer but less than one month, or a tenancy at will, three days;(e) A tenancy for less than one week, one day.(2) Such notice shall describe the property and the particular time when the tenancy will terminate and shall be signed by the landlord or tenant, the party giving such notice or his agent or attorney.(3) Any person in possession of real property with the assent of the owner is presumed to be a tenant at will until the contrary is shown.(4) No notice to quit shall be necessary from or to a tenant whose term is, by agreement, to end at a time certain.(5) Except as otherwise provided in section 38-33-112, C.R.S., the provisions of subsections (1) and (4) of this section shall not apply to the termination of a residential tenancy during the ninety-day period provided for in said section.Based on this, it looks like for month to month occupants, 21 day notice is the appropriate time for Colorado, but I wasn't sure if there was any specific code that needed to be followed in Arvada aside from the Colorado text above.  

To me the decision to invest there and in section 8 tenants was easy, but i am a contrarian by birth, so wherever most people avoid, I flock.