Outside of residential lending, I would encourage you to seek out commercial products from local lending institutions. 

Given that you are "waiting for the other shoe to drop" I would encourage you to refrain from a Cash Out Refi.Opening a HELOC, on the other hand, can't hurt, because you don't have to use it, and once you open it it's available for a period of time should another investment opportunity arise.

Thanks Kevin, appreciate the encouragement.

I have been encouraged by all the thoughtful and supportive people here on Bigger Pockets and I finally feel ready to start my Real Estate Journey.I am currently nestled away in Silicon Valley as a Software Engineer but would like to explore the Denver Market because my Partner lives there.

I would encourage your buddy to do the same. 

This will encourage them to sign for the certified mail.

Would certainly encourage you to check them all out!

Very encouraging.

I'd also encourage investors buying occupied properties to have the seller and current tenant complete an estoppel letter.

In general think of it this way, normal pay (2W) wages pays the govt first then expenses, investment income pays expenses first then the govt gets their share.So if you think of the rental as a business (LLC not required), all the expenses are taken out before the govt base is calculated.If the rental has a note, or if there are any repairs, or any other expenses are taken out first, then the remaining amount (the profit) is taxed at a lower rate.One huge benefit of having rental properties is the long term appreciation is only taxed at the sale of the property, or can be put off via 1031 exchange, possibly definitely.I would encourage you to talk to a tax person.