You have more of what you need to do real estate now than 99% of folks that start.My best advice is to stay in construction (you have an established track record) and use those contacts to rehab properties using a BRRRR strategy.

You need to get comfortable on the After Repair Value, as well as what the property could/should rent for, assuming by your post you plan to rent it.Has the owner given you an idea of what they have in it?

What areas do investors in Colorado springs and surrounding areas tend to stay away from?

Maybe the store fronts will stay vacant for years.  

She seems to be a real go-getter and really stays on top of the tenants.

He was asking 159,000 and would perhaps entertain owner financing.I want to stay in those areas as I will manage the properties myself and driving over 20 minutes to cut the grass or plow snow is not realistic for me. 

very important, i have student rentals next to a college, the college expanded and added dorms, all was good for 2 years after, then enrollment went down. the college changed it's policy and instead of just Freshman being required to stay at dorms they made it so that Freshman and Sophomores had to stay in dorms, took a big hit on the town rental. you need to figure that Sophomore year is a big year for student rentals, kids start to drop out after that year, so those would be your biggest rental.

Don't forget about the potential to AirBNB the unit you live in when you are not staying in town.

Stay true, believe in yourself and learn your market.

If I go OOS, I make the same money with my 50k but have the risk of flying there and staying on a hotel to fix an issue, fly+hotel will probably cost me 600, which will wipe out one month's rent, if you are handy and the MF is in LA, if a water heater breaks, you can go HD and buy parts, replace it yourself -- if it's in AZ, you pay someone to do it, maybe 200-300 more at least, that's half the rent.