This experience taught me to trust my instincts more and never skip due diligence, even in areas I am less familiar with like basements and water intrusion.Any advice on how I should proceed would be greatly appreciated.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

While Colorado's market can be challenging due to high prices, exploring suburbs like Colorado Springs or Pueblo, or even considering out-of-state markets in the Midwest or Southeast, can open up better cash flow opportunities.

I believe IB requires an even longer notice.Best wishes.

I never even considered a leased STR.

Has a massive stand of desirable trees (hardwood would be a must) Oak, Maple, Walnut foresters wont even bother unless you have acres and acres of harvestable trees. 

Here’s my two cents:Paying off the condo might make sense if your main goal is to reduce risk and enjoy the peace of mind that comes with no mortgage.

Lots of times you will have people complaining about noise even if you disclose it on the listing. 

You will learn a lot, but you just may walk away with new friends, new partners, and maybe even someone who can call a mentor.

Even if we provide you with an answer to this question, there may be other laws you are ignorant of.