Over the years we have built office buildings, medical/dental clinic, office/retail condos, small office parks, residential subdivision, and my husband used to build steel buildings too. 

, Replacement Reserve, Pest Control, Accounting and Legal [No idea how much legal would cost per month]The Dilemmas:Aside from having very little experience in multi-families, i recognize this as a unique opportunity that I'd like to pursue if it makes sense.

@Matt Smith, Each auction company  and municipality is unique but in general if the process can be coordinated between intermediary and closing entity you can utilize your 1031 proceeds for the purchase.  

With that being said, they are developing quite a bit around by the Children's Hospital/CU Medical/VA hospital area (around that area and off of Colfax) and I was thinking that might be an interesting area to take a look at.

Every flip is going to present its own unique challenges, and if this is your first one, I think conventional wisdom would encourage you to try and avoid doing it remotely.  

I'm actually in a unique position.  

Texas is unique as to options and installment contracts, they like to see them with 12 month terms or less.

I'd love to be your go-to person when you have any questions on the VA loan such as minimum property requirements, eligibility and the VA's unique lending requirements. 

Which I'm sure is not unique, but the fix is having lines of communication established up front for how to report maintenance issues, what is emergencies, having water lines/cut-offs clearly marked for tenants, etc.Others?

Each property is unique and it is always a good idea to have and approved finish list for your contractor highlighting specific sku numbers when available or ask for a labor only bid.