Also, I would like to follow up by stating the following:Should you develop a genuine interest in REI and you know 1000% this is what you want to do, and you have found your niche, and your working on your fisrt deal...BP is a great place to ask specific questions, like "I am interested in buy and flips, I understand the general idea of buy & flips but how do I present this information to a HML?"

Like has been said, when you know your market, you can recognize a bargain right away.  

When one owner conveys an interest in title from joint tenancy to a new owner, joint tenancy automatically changes to tenants in common or fee simple absolute or similar ownership recognized in your state if you are the sole owner.   

I recognize it would take me a year of rental income to recover my expenses for this work and I would basically do every house this way to reduce maintenance headaches.  

I went into the backyard which has a privacy fence when I heard a dog barking that I didn't recognize.

The RV and the Marine industry are a little late to recognize they are also included, but they are now pushing this issue as well.There are four parts to a Compliance Management System:The appointment of a qualified Compliance Officer (and SARS Officer for retailers)The creation of a written Policy and Procedure Manual for each compliance issue that appliesA formal and documented Training Program for any employee involved in the successful carrying out of the written Policies and ProceduresA formal audit system to verify and/or correct the system itself so that it is successful in the required goals.

So congratulations for recognizing the opportunity.I am not licensed in CO but would recommend that you contact the Colorado Department of Regulatory Agencies/Division of Real Estate.  

Pennsylvania does not recognize the 1031 Exchange structure. 

It's all well and good to entice the LA to work a little quicker for you, but what if your agent would have recognized something (like a known area foundation or school district issue or noticed the asking price was high based on comps).  

Unless and until you have a genuinely solid answer to that question, do NOT sign anything.