I bet it appreciates 2 or 3k/month over time.

It's a way of hedging my bet using as little cash as possible.

Physical REI is not a paper investment; almost anyone whose invested on paper numbers I am willing to bet is showing a lot less than the reality of if it unless they took realized gains by selling(into the appreciation rate) or cashed out refi. 

But if the license is required and its a flaw on the lenders side you can bet the borrowers attorney will raise that.. 

But that is the key with investing, you need to have your educated guess of future events, place your bet, and hope you are right.

In today's market, your best bet would be a house hack.

I'd bet that for the last 50 years, investors looking at Boulder have felt it was unaffordable, and that the numbers don't work for investors.

That is your best bet to ensure it is watered regularly. 

If you are looking for cash flow typically multiple unit properties are going to be your best bet but might require a little more work up front and there are not a lot of them around the area to scoop up right now.

Are you betting on appreciation in your investment strategy?