So I leased his building the same way I would if I were a real estate agent leasing for a commission (though I didn't charge him as they're soon to be my tenants)The nice thing was I wasn't under pressure to find people that wanted to move in ASAP.  

I agree we are facing a nation wide shortage and this will continue to put pressure on pricing but buying over priced existing for appreciation the not only way to go in those markets. 

I feel it's worth it, based on basically zero vacancy rates and very low turn over (we are typically under 15%).I expect the market for high end multi family to reach a saturation point soon, probably putting pressure on high end rents, but there will always be a subset of tenants who prefer the life style of a single family home in a residential area over an appartment building, even if it's really nice. 

I decided against adding pressure on myself.As far a a career, i would say do what makes you happy.  

"No, you think you're going to put pressure on me.

I also know all about the record low inventory, coupled with continued demand, and the pressure that has price.  

Get a feel for the condition vs. asking rent and use that as a gauge for your property.

Cap rates have been trending down and thousands of new apartments are being built right now, which may put downward pressure on rents in the next few years, especially for older buildings.I'm seeing more opportunity in single-family right now in Atlanta.  

Check with your tax accountant.. but basically I would gauge 50% of utilities, any repairs to unit,50% of costs for maintenance exterior grounds,  but you also report income for rental. 

Any recommendations on how to gauge, or referral for appraisers in the Denver area would be appreciated!