Do not take this on as a new investor, there will be plenty of other options in the future you can actually see, inspect, and feel good about.

I do recall that plenty of neighbors had a lot of interest in purchasing for themselves, but did not, and a lot of them telling me I was "crazy" for over-paying by at least "$200,000", but I was young, I knew I had years ahead of me - or at least I felt that way - and I just saw it as an opportunity I'd regret if I didn't seize it!

There should be plenty of landlords who do accept SEC 8.  

Bumping up to the $115K-$140K price range would result in plenty more options in all the previously mentioned areas.Have any of the deals brought to you been off-market, or are they all straight from the MLS?

Tenant says $695k is plenty because his insurance carrier is comfortable with that limit.  

Otherwise there's plenty of content on BiggerPockets to learn from.

And, even if you find a cheap program, they usually start going up in price as they develop and add more features.There are plenty of way to manage 1 to 3 units that don't require management SW.

Your budget should allow you plenty of options in the Red Bank area and similar neighborhoods. 

That being said, there are still plenty of ways to create cash flow here in Denver, and your opportunities will depend on what you can qualify from a lending standpoint.

You can spend 3 years studying nothing but real estate and I assure you there is still plenty you won't know.