I have consumed a huge amount of information quickly this way (taking constant notes and creating to-do lists as I go along).

Ask to see the paperwork and then do some research.It is also my understanding that you are correct about the exceptions to FHA and that if you have 4 or fewer units, those laws do not apply.

Following a couple years of my nearly-all-consuming interest in macroeconomics and investing, I've stumbled at last to the real estate asset class.

From a purely analytical standpoint it has fewer downsides than its "real estate commercial cousin" apartment complexes.

Way more people competing for way fewer homes.

As long as you're looking at three or fewer you're fine no matter what.Great plan!

Also, remember that the reason the prices are so high is that these areas are incredibly desirable, which means you will likely have a different caliber of tenant and property than in some of the "cheaper" markets which could mean fewer challenges as a landlord.

Interest rates are low, and there are way more people in Denver than ten years ago and they're competing for way fewer homes than there have ever been. 

If you're working with fewer than 10 open lots, they won't be a good option. 

One cost seg company told me the process is not difficult or time consuming for a single family or small multifamily.