As it sits, it could probably sell for $40k-$60k in the market right now, and after renovations would be worth $130k-$160k. 

I'd rather the place sit empty for a month while I find the perfect tenant than sitting occupied for several while I fight out an eviction. 

Hello everyone,I am looking for anyone in Colorado that has purchased a home that is sitting on a large piece of land.

Much of your fear is misplaced- insurance is there for a reason.If you are serious then scout out a property manager and sit down with them, let them explain what they can do and how much they can rent for.You are in a nice area, each year you hold onto the property you will get a little cash flow and some nice appreciation.

On your house I think I would consider making the front porch/stoop wider with a post at each end of the roof overhang, (or maybe an an even larger front deck if it is the kind of neighborhood where you might want to sit out front).

So, sit back and have a cocktail.

You may need to put more down to cash flow....maybe 25%.Also rents have lagged sales price increases, but look to catch up quickly....rents in DFW are up around 14% this year, so if we get a couple of years of those kinds of increases, you'll be sitting well in a year or two or three.

Even most of the wholesale deals we see now are sitting between 85-90% ARV once you factor in obvious repairs. 

and sure, many times it's just fine to sit back, earn a 3-5% dividend and see one's stocks go up.  

Read, research, and understand that money sitting in a savings account does nothing for you.