I feel like I have a good pulse on the market here in Colorado and have not noticed a large uptick in inventory however deal flow has increased recently and our offers are being accepted without as much competition.  

The property value has increased dramatically over the past 5 years, 100K.  

@Jay Hinrichs Good point there...I was simply implying that if @Katie Haney or any investor can work with a real estate professional her chances of success will increase exponentially.  

I picked up my condo for a great price and did a complete remodel which has increased its value by significantly more than I put into it, which made me think why don't I do this with other condos and sell them at a profit (hopefully).

My piece of advise would be to check with the water supplier and see if there are any rate hikes planned for their large customers.

The neighbors get foreclosed on more than typical neighborhoods and that keeps values lower for longer.2) HOA association decides to levy a $20K assessment on all owners in the neighborhood in order to upgrade everyone's windows, decks, roofs, and siding.3) HOA increases monthly dues by $250 per month in lieu of a large special assessment. 

So they got what they wanted which was a chunk of cash up front and I got what I wanted which was a good return on my invested capital.The seller had a recent appraisal on the building so I offered them a bit less than the appraised value and we worked out a rent that is comparable /sq ft to similar properties in town.The seller gave me yearly rental increases and I gave him the option to buy the property back from me any time during the 5 year lease term because that was important to him.One of those classic win-win deals.

I am biding my time a bit, last year when we finally got the town to phase out rent control on vacancy we were also able to get them to include a floor increase of 1.5% if CPI is less.

I put together an amendment to their lease, "deferring" September and then increasing their rent through the rest of the term.

I have noticed an increase in used multi-family unit hitting the market over the last 30 days so there are out there.