Focus on renovations that prioritize safety, functionality, and compliance with building codes.

I found something I am interested in and the numbers look good all around but my main concern is safety as the southern part of Bloomfield does not seem to have the most stellar reputation.

I will also remember to be patient - it's ok to invest the minimum and wait a year or two before getting into a deal with the same operator.  

@Leo R AriasI am assuming he is a licensed contractor and you have a contract that has a schedule in it.First you can file a complaint with the licensing board then terminate him for cause - but it will cost you 3x the $ probably to fix everythingYou have been too patient with this.

Then, I searched for new or almost new gated Townhomes and finally paid Cash for a 1500 3/1 with garage and pool, in a 17 unit community with low HOA in Valrico on the North side of Hwy 60 for peace and quiet and safety while I travel.

CO landlords can still evict for all of the common grounds for eviction: nonpayment of rent, violation of lease terms, damage to property, disturbing the peace, health and safety violations, illegal activities etc. and can also still evict if they plan to conduct repairs or renovations, property demo or conversion, move in to the unit themselves or have a family member move in, withdraw the property from the rental market, or if the tenant refuses to sign a new lease with reasonable terms. 

Sometimes a non-conforming space also helps with the numbers if you can find one that has egress and safety standards met.

As soon a the "we found mold" card gets played, you immediately offer them to vacate with no penalty to insure their safety. 

Make friends in the field, be patient, keep going even when it's hard, and be ready to change when needed.

If the original poster wants to increase equity and create safety (and keep the little woman happy) financially, then maintaining leverage (mortgages) is not necessary if title fraud is a major concern; put the paid-off properties into land trusts.