This is drastically more difficult if it's an OOS market.Many people suggest investing locally for a first investment for many reasons, one of them being it tends to be easier to build that strong team - meeting them in person, meeting at the property, etc. can be very beneficial.That being said, if your local market simply DOES NOT meet your criteria for an investment, don't try to force it.  

I have strong credit, I have strong assets, and I have strong income. 

I can't seem a large benefit of REI in a case where you have to put 20% down in an average market.Ex:20% on $500k move-in ready duplex where about $1k cash flow (ideal scenario)Assumptions - 6% housing appreciation, Stock 6% appreciation (conservative estimates)Profit- House appreciation 6%/year- Mortgage paydown and it's 6% appreciation/year- Cashflow invested back into mortgage paydown+/- tax deductionsExpense- interest payment, taxes, home insurance, maintenance ~ roughly 1k a/f deduction (conservative est, probably alot more)VSOpportunity Cost- Down payment 20% = 100k in mutual fund 6% return/yr- $1k/month expenses that could be contributed to mutual fundYes there are still alot of variables- housing and stock appreciation/return will vary depending on location/time/stock- did not exactly calculate out the tax deductions / expenses but made a conservative estimate in favor of REI- did not include time and fees dealing with REI transactions vs just working a few more hours at my jobWhat i'm seeing is that in a scenario where someone will not be building sweat equity or finding a crazy discounted deal on a property and going through a conventional 20% in an "average market", the argument doesn't seem as strong for REI vs mutual funds/stock - they seem to be pretty close if you take into account the variables mentioned above.

Do you think 11% is  strong enough maintenance and cap ex for a 90's build?

If you have strong credit, you are better off putting less % down and investing the difference.Your PMI on a conventional loan w/ 5% down should be cheap if your credit is 760+.

The property value is estimated at $600K - $650K.There are clearly pros and cons to each side, but any strong feelings or advice from the group would be appreciated! 

My realtor was Jason Robinson of Norfolk, VA and I strongly recommend him.

My realtor was Jason Robinson of Norfolk, VA and I strongly recommend him.

Denver is an expensive market compared to others but worth it in my opinion as the fundamentals are strong.

✍️Role of a SyndicatorThe sponsor/syndicator is the person who initiates the real estate syndication; they are responsible for identifying the market, underwriting the property, securing financing, overseeing the business plan/renovations and the daily activity of the property management company, ensuring strong investor relations, and managing the asset in general.