So if you're looking in SoCal or places like where we work in Denver and surrounding Colorado mountain areas, you're likely needing $100k to even start a conversation.

Quote from @Barry Ruby: @Julie Nealey Julie I am a ground up developer and I run a lot of pro forma analysis.With rare exception, hard cost alone (not including site work) typically comes in at ~70% of total project cost.It absolutely pays to perform early due diligence to determine hard cost.I completely agree, 100%.

I just recently earned my license in Colorado and had great success with an online education program. 

I've recently decided to move to Colorado Springs on August 1st to put my roots down and start acquiring commercial multifamily real estate (target 1 per year).

The property is located in Colorado.  

A full time worker with no credit history may be acceptable in smaller towns that don't have the same renter demographic, but finding more applicants in a market such as Colorado Springs should be no issue.Hope this helps!

Full disclosure, I am not very tuned in to our Colorado market but I have now seen your post again directly related to San Antonio. 

If you have contacts that would look at funding the downpayment in Colorado please let me know.   

I've had a LTR in Colorado Springs for 6 years so I have a little experience but this STR thing seems to be a much different animal. 

@Dan Keefe I house hack a duplex in Colorado Springs.