And management is a LOT more intense, just turnover rates alone!

Fellow attorneys rate him 1.5 or 2.5 out of 5.  

@Chinku Chinku the rich get rich by making their money work for them.They borrow at one rate, to invest in something that returns a higher rate - they profit on the difference.Only you can evaluate your risk tolerence though.

White collar professionals, higher education rates.

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

Now, after doing this several times my success rate is around 1 out 5.   

So, Colorado vacation rentals will be taxed at something between the current residential tax rate of 6.7% and the commercial tax rate of 27.9%.

Market insights and understanding the rental rates in the neighborhood.

Is it a viable option and what could I do to increase my success rate when taking this opportunity?

There are also case by case opportunities within the North Phoenix market where rental rates are stronger.