Know your ag requirements around there....do the cattle need 1-5-10-50 acres around there to survive without supplemental feed. 

I am finding a declining response rate with each supplemental letter I send.

Louis,The big value add players refi (if they are using a variable rate loan) or obtain a supplemental loan (if they have a nice fixed rate in play) to pull out cash as soon as the property renovations are completed.  

The seller then needs to settle with all parties to enable him/her COE.

I am looking for mostly a passive income stream to supplement my other income sources.

It is especially important from the attorney's aspect because contingencies need to be added in to the Contract through the attorney review process which will enable you to assign the contract to a third party, and perhaps limit your exposure to your earnest money deposit only. 

I will be focussing in western Colorado, and plan to work as an agent for supplemental income.

Money is on sale and enables buyers to stretch to acquire deals. 

Derek,Depends on many factors like your overall financial situation, do you want to be active or passive, if active, what skills, time, beyond capital would you bring or will you want, need partners.Having done SFR, small MF and large MF, I prefer large MF due to scale and how commercial properties are valued, enabling forced appreciation.If you are not educated or have no time, want passive, fractional ownership putting some of this money with experts who seek out limited partnership to provide capital to general partners (syndicates) is one option.

Mark's article was also a nice supplement here and is appreciated.