Big player won't be affected much by rent control as they have sufficient cash flow from over thousands of units.

If so, a conservative investment like this would be a wise choice  to best weather the storm.  

In NJ I have no choice with current tenants- they keep their pets.

If they can swing the 5% down, I'd encourage him to consider that as a better option IMO in most cases ... with a conventional, they will have to pay PMI (mortgage insurance), but if/when they have built up sufficient equity (20% I believe), then they can have the property appraised to confirm, and then drop the PMI, and keep the other loan terms, including the same fixed rate.

Your choice on a second coat.

I have insurance on the property, but I am wondering if its sufficient to bypass the need for an LLC at this point in time.

I definitely plan on purchasing my first multi-family(Duplex,4plex) for a good deal but it's making the right financial choice in regards to financing.

A single mailing is never sufficient so you need many repeat mailings which drive your expenses through the roof. 

Hopefully you have more and better choices there in Denver.In my little area there is only 1, possibly 2 'stagers'.  

Believe me, it can be very frustrating, but once you are operating, things usually go fairly smooth if you have rehabbed the property sufficiently.