We are also seriously considering owner occupying our first property or two.I have investigated multiple options but thus far have hit a snag with each...Since we are looking at mostly foreclosures/REO, they all need at least moderate to semi extensive repairs, which disqualifies us from most any type of standard mortgage financing. 

I immediately realized that my extensive background in construction could be a huge asset to me in investing in real estate.  

I am looking at multifamily units in Denver, but I cannot make the numbers work with 11% of rents allocated for property management (and I need it, unfortunately:  my job=extensive travel).I am aware of RE cycles and where Denver likely is.  

If you flip after a rental period, then rehab at that point in time.If you plan to flip the rehab is much more extensive.

I have an extensive estimating background using professional estimating software and also have my real estate license to help me determine ARV for the property.  

I have an extensive estimating background using professional estimating software and also have my real estate license to help me determine ARV for the property.

I am 18 and I have been doing extensive research through real estate investing.

I haven't yet looked at the house due to scheduling conflicts but the seller mentioned there is some water damage and a missing water heater but I don't know how extensive the damage is yet.  

Brett Snodgrass , Dave Visaya , and Robert Lorenz ,Thanks for the prompt and extensive answers.

The list is rather extensive.