I am in the process of replacing Evernest

If you've chosen a Proper insurance over a typical insurance that covers STR with income replacement etc, why?

I get some first-time investors in Denver and Colorado Springs that want to flip because it sounds sexy. 

Unless every applicant can qualify for the full mortgage it sounds like a really bad/risky plan for the lender.

Before you quit your W2, you'll want to make sure your rentals are making enough on paper to replace that other income.Once you quit your W2 job, you'll officially be considered self employed by lenders and the important thing to keep in mind is that we can only count your NET income.My advice is chat with a CPA who can help you structure your income properly and try and do it 2 years prior to quitting your W2 job.

I hate to sound like jerk, but make sure in the future to always find these answers to your questions before you are about to close.

All mechanics replaced.

Purchased replacement property for $1M using the full $480K cash to cover down payment and closing costs.

That is calculated as the Replacement Cost (RC) (cost to rebuild today with like kind and quality) minus the depreciation. 

It sounds like you know which avenue to take based on experience and risk tolerance.