It seems like it's sort of slim pickins (for what I want) all over Colorado!

The likelihood of finding a qualified tenant before February 1 is "very slim" (definitely less than a 50/50 chance).  

The MLS is ver slim right now.

These 147 climate controlled units would just need to reach 0.3% of those households.And I think further value can be created by 1) slimming down the expenses 2) creating an online presence and 3) maybe create additional self-storage on the site.

The odds that this is a possible solution are pretty slim but it may be worth a call to whoever supplies your water. 

The LLC entity only protects your liability under a narrow set of circumstances you aren't likely to encounter unless you've got a LOT of property or run your business like Slim Shady.

There is a slim chance you will have no maintenance but you have to ask yourself, for $37k your price means they most likely purchased the home for $10-$15k max, stuck maybe $8-$10k in it and made the rest in profit.

I'm not an attorney and this is not legal advice, but from my experience and countless talks with attorneys on similiar issues, the chance of you getting a home free and clear is likely very very slim to none. 

The best way to buy 5-10 properties from a bank is to work with their local broker - well - lets back up - a small private bank or a small local credit union may be a way - but - a large lender - really no chance to honest - well slim to none.Find an reo broker in the market you want and see what he has - make offers on properties 1 x 1.Remember when you buy in bulk - say 10 properties 2 will be good 2 will suck beyond suck and 6 will be okay - buying in bulk is good but you will always get crap in the package.Find a local broker / reo realtor and make nice...

Doubtful the property you now have will cash flow $1200 but there may be a slim possibility.