Couple challenges...1.

Depreciation is a noncash deduction that can wipe out most, if not all, of your taxable income.Rental income is passive in nature. 

Being that you are a new investor, it may be challenging for you to get a business line of credit since you have no LLC history.  

Finding deals in the Denver metro area (I-25 corridor) has been a challenge for me.

(they somehow passed) The toughest challenge will be choosing your rums and pacing yourself on that. 

I appreciate your response and obviously want to challenge the idea that I have a case because I'm sure I'll run into these arguments.  

For this reason, I have stopped looking for properties to purchase (but will keep my existing LA properties) and have started to put my money into syndicated deals and investment funds that are a bit more conservative and by their nature (i.e., hard money lending, litigation settlement funds, etc.) might hold up better in a downturn and aren't correlated with the RE market. 

Having worked for Bear Stearns I can attest to the toxic nature of corporate America.

I don’t want to waste time with ”renters only” so the deposit requirement naturally sifts the “renters only” out.

Now, I am up for bigger challenge.