In most cases, here are some universal tips :buy for cashflowbuy value-add as it helps insulate risk as a newbiebuild a team in areas you are weak in or do not want to docheap multifamily will typically rent to low income tenantscheap multifamily will have bigger renovation budgetscheaper price fees and large unit count portfolio's do not equal a good property managernever assume anythingpartner upand if raising capital, raise early as @Taylor L. so equivocally mentioned.

Great points, appreciate the quick tips

Any tips, tricks, insights? 

Any tips, pointers, or suggestions will be greatly appreciated. 

Still don't know if it's on a lease or if it's month to month.Can anybody give me some tips on how to approach this?

Just looking for anyone who has used this strategy before and any tips you might have! 

Hey Craig,I am not from the Denver area but here are a few tips for evaluating local markets for rentals* Find a investor friendly agent. 

I would also recommend looking up Mark Kohler, he has great tips on how to write 10 yr and business plans.

I found the book Bidding to Buy: A Step by step guide to investing in real estate foreclosures by AJ Osborne to have a bunch of helpful tips, although I decided that buying at auction wasn't for me right now.

Does anyone have any tips/steps to take with buying land and building properties to sale or hold as rentals?