People stay 7 days or 3 days and it all just fills in.

You definitely should ensure you select a contractor that is knowledgeable and has reserves to fund the project upfront and be willing to reimbursed.

The question is, do you have the staying power to weather a multi-year storm? 

If living there is still on the table it sounds like a good option to stay and enjoy the position you're in, with a lower interest rate (depending how/when it will adjust), rather than entering this tough market with higher prices and rates, where buying a similar house will have a much higher monthly payment.

They're pretty much free unless they have minimum draw amount at closing . always get a heloc if it can just stay open with no balance 

The only cost is $10 each per year to stay registered with the Colorado Secretary of State.

I thought it took tons of capital (of which I had none) and extensive knowledge that would take forever to learn.

I find most sellers lack confidence in it because they lack knowledge about it and all it takes its deep explanation.

Work with a knowledgeable broker who does this; ask 10 brokers you'll get 10 answers because there is some interpretation in the regs.  

Amit, John is right, that AirDNA is one of the best data points, but it should be taken into consideration with other input (first-hand knowledge on the ground, your own competitive analysis, etc.).That said, DM me the address and I'm happy to send you some info from my AirDNA account.