Eventually we want limit our area of influence to a smaller niche but we need to find properties where we can get on the map and do a few deals to start building a reputation and generate income.

Unless you know something specific about the area or the property which changes the return, pass.If you have specific questions on investing in university student housing, I know that @Jeff Greenberg is in the middle of a substantial deal and has been digging deep into that market.

Unless you have substantial assets to protect ($1MM+) then I usually suggest not to form an entity and instead consider getting solid insurance.

I'm not a lawyer, so don't take that as gospel.Section 13-80-127(1)(a), C.R.S. provides for a two year statute of limitation of actions against construction professionals like architects, contractors, builders, builder-vendors, engineers, inspectors, and those performing or furnishing the design, planning, supervision, inspection, construction, or observation of construction of any improvement to real property.Section 13-80-104, C.R.S. provides that in no case shall any action be brought against any architect, contractor, builder or builder-vendor, engineer, or inspector performing or furnishing the design, planning, supervision, inspection, construction, or observation of construction of any improvement to real property more than six years after the substantial completion of the improvement to the real property.

Turn key companies get substantial volume discounts on supplies, materials and mechanicals.3.

Sphere of influence (Everyone you know) and just being out making yourself known.

Not sure why but I'm guessing the price points are substantially less than California. 

*I am not a Title Company or Lawyer*At Closing, if you utilize a bank that has First Time home owner perks you could get a substantial amount back at closing depending on what month and what day of the month you close on.  

I'm currently experiencing a situation in where I've paid to setup an LLC, generated a business plan and even took days off work to make sure this joint venture is setup correctly.The issue is my prospective partner has had bad partnerships in the past and now his mother in law, who is a retired mortgage loan officer, has a heavy influence on his decision making which impedes our progress.

It seems like it would be more risky to have a second property if I'm not also substantially increasing cash flow.