As a newbie to this process and my basic need to understand it all I am trying to do my due diligence prior to jumping in.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Tax Preparation, Tax Advisory, Accounting.

You are so right about analysis paralysis 😁Not too concerned about mechanics though I would like to learn more about how to best use CRMs (specifically freedomsoft), but also would like to learn specifics regarding forming LLC structures and tax strategies 🤔

If you have that, and do your due diligence, it's not going to matter.You seem scared to be a landlord before you even start so it's likely not for you.

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc). 

While Colorado's market can be challenging due to high prices, exploring suburbs like Colorado Springs or Pueblo, or even considering out-of-state markets in the Midwest or Southeast, can open up better cash flow opportunities.

McKinney and Princeton have been growing a lot and it is a good place to invest, but it is always related to what you are looking to achieve in a rental investment, appreciation or cash flow.At this time that area does not offer a big cash flow and due to the amount of development going on there, rental demand has declined a bit.In any case you have to make an analysis case by case.

From tax stand point I would think you can separate from primary and be okay with IRS being that IRS will not be local code enforcement.  

On property number one, I would cash flow $750 a month after mortgage, taxes, and insurance if I also rent out the unit I live in.