With that being said I have read many books and listen to podcast and dip my foot in the water with a JV flip. 

At some point it would be cool to find an off-market property and do a more serious project, but for now we thought we'd keep it simple (this is also a great tax deductible excuse to visit :) Any thoughts on the strategy and current state of regulation around Denver/lakewood/Aurora/Centennial?

(In advance I know some of the variable expenses are fixed and the fixed are variable.)Fixed expenses: Electricity .04653 Water and Sewer .0167 Garbage .0352 Property taxes  HOA's .05 Heating .045 Monthly insurance .024 PMI .01 Variable Landlord expenses Vacancy rate .06-.09 Repairs and maintenance .02 Capital Expenditures .08 Management fees .083 Depreciation (1/27.5)My question is this.

I also launched a customized T-shirt company and that has taught me much in the way of product development, managing operating costs and expenses as well as marketing, profit margins and other cool things you're not taught in school.

I've taken into account the expenses you've mentioned above, but i was wondering, if the landlord would be responsible for the water, sewer, garbage expenses as well?

I just had a lovely family from Australia with 4 kids discovering California for the first time who were denied from their booking due to "water damage" , they were told.

I’d also give some thought to the water quality in your area.

I'm cool with either location...

Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today. 

I was actually planning on doing it via video conference, but in person would be cool too.