Ski train from Denver and less time on I-70 is enticing for those living in Denver.Vail is too expensive for a solid ROI, however, opportunity occasionally presents itself in/around Beaver Creek or other Eagle County neighborhoods, but one would be looking at (speculating on) appreciation to balance a lower ROI here.

However, speculation is not currently my game, but I'll accept some appreciation as a bonus!

I can only speculate like the rest of the people.

A non profit, charitable organization expert in loan workouts while specializing in the choreography of preforeclosure sales, and preforeclosure short sales is offering its services to distressed homeowners needing to sell, speculative buyers seeking the discounted purchase of distressed property, as well as realty professionals who have neither the time, or desire to 'reinvent the wheel' to facilitate short sales.http://www.spoch.org/ShortSaleTransactionSuppo.asp

Well, maybe if you're buying speculative properties where you're hoping for appreciation.

Also, are there any speculations on how much cash I would need to start?

It was speculation by people who did not have a clue as to what they were doing.If you are not convinced that you are offering the homeowner a service that is in their best interest, then you should not be working with that homeowner.

That I understand, but your supposition that this will allow higher equity is not necessarily the case.Most, if not all, lenders will use the BPO/appraisal to set the lowest price they are willing to accept.

Don't get me wrong, I realize that investors shouldn't speculate, but we have lived in the area for a while and the growth (population and commercial) has really increased.  

Problem is finding a multifamily with a reasonable GRM, since speculating in gentrifying areas is rampant, even in the tougher old hoods.