The proprty is in Colorado Springs, near downtown and Memorial Hospital and has a Single Family Victorian, and a Fourplex (Zoned Duplex Though), with a two-car and a one-car detached garage.I hope to post here as we go through due diligence to track our experience for the next newbie that takes the leap.

Its been a lot of fun running into obstacles and looking for ways to overcome them.

In researching R-7.5 I see that "These districts are established as areas in which the principal use of land is for single-family dwellings, both attached (R-10, R-7.5, and R-6) and detached (all districts)."

We would only be interested in a multifamily (duplex - quadplex), a single family with a rentable basement unit or mother-in-law suite, or a single family with a detached ADU on the property.The numbers you laid out make sense to me!

Nice profits are made.The only obstacles are finding high net worth partners who are willing to work with you, and getting construction loans.

If there is a deck, patio, car port, detached garage, or odd size lot it changes the pattern.

What I am learning first hand is that financing is my first obstacle.

In other words, finding good opportunities is my biggest obstacle - not funding.

We are not ruling out detached houses, but when we look towards houses, we are looking more turnkey.We currently have been looking all over Denver metro to get a feel for pricing and rent ratios, so we haven't narrowed down to a specific zip code quite yet.

But right now cash is definitely the biggest obstacle.