However, I am thinking the gamble may be worth it.

Speculation is basically gambling that you chose correctly.

Now, inspired by reading many many posts and listening to web casts in biggerpockets, I want get my foot wet into a buy and hold small multi-family homes.

One of the many upsides to living in CO is that you can do it on the state web site for $50.In this case, though, I think some legal and accounting help on the operating agreement would be money well spent.Jon

Everyone advised me back then to lock in the low rate for 30 years but I didn't expect to stay in that place for 30 years so I took the gamble.

I have skills in SEO,Graphic and Web Design, which I knew these things would help me when creating a website and marketing materials.  

I would copy some off the web, they are almost all the same.  

For investing remotely, I highly recommend DSHuberProperties.com They currently manage my entire portfolio, they have a web portal with easy reporting so you can keep track of all transactions.

Look on rental property websites for properties similar to what you are considering and record the names of the management companies.Search engines.Ask realtors for referrals.Ask other investors.Real estate websites.Once you have a pool of candidates, look at their web pages.Does their webpage look old?

This might not provide 40%-50% annual returns that some might try and promise you but the risk-adjusted returns you could achieve by doing this would far exceed the gamble of betting on one 1 or 2 fix-and-flips or making a couple hard money loans.