Her and her husband previously had nearly 40 properties and one of the last ones left is a small apartment complex that sits on two acres of highway frontage.

Canadians should never use LLC's unless they are setup properly (within a more complex web of entity structuring), as this when you can be double taxed.

I'm sure it varies by state, but I'm potentially seeing if I could at least start as a property manger and then purchase a complex I currently work at. 

I am looking to carve my niche in multi-family properties, such as a apartment complex,  since trying to cover everything would be spreading myself to thin.

If you scale this up,  then it gets more complex because you have to imagine what you could do with $40k and the rate of return you can get if you flipped it or something ( plus what you can do with the profits) vs what paying off 40k in debt would do for your situation - maybe use the time you have now to study your market so when there is  great deal you can recognize it. 

I vaguely remember on one of the podcast that I was only half listening too (I do 1-4 units and it was dealing with properties in the hundreds of units etc...) that for those large complexes and such that there ARE times that a 'study' might be needed.

Jem Jacala how large of a complex is this?

But, moreimportantly, what are the comp values of the other unit sales in the complex, is there is any deferred maintenance/possible assessments coming up, coa financial condition, etc.

If you are looking at a 100 unit complex then if makes sense if you have experience with management.

@Patricia MillerI think that your question has a complex answer, and several moving parts need to be understood to get a grip on Denver rents and housing prices.- First, EVERY city that has housing prices significantly above the U.S. median sees the same thing in respect to proportionately low rents to property value.