We filled one out for my mom in MN after learning about it to stay under the probate limits.

Mortgage interest deduction on your personal taxes is only limited by the $1 million threshold. 

Now, bank will not refinance property because they say there are limits to refinancing a property with multiple ADUs. 

It’s also a military town and decent housing is limited.

Of course, check out occupancy limits in the county/city that you choose.If you want the least amount of work but lowest cash flow (cover 50-80% of your mortgage payment), I recommend finding a house with a basement/mother-in-law apartment, and live upstairs and then rent out the basement to a long-term tenant.Denver metro has experience terrific appreciation like most metro markets, and over the last 40 years, Denver averages 5% appreciation, so Denver is a great bet long-term.I'm more than happy to discuss further if you have any questions.  

But unlike what Kyle said, the 1031 exchange now is limited to real estate only. 

Over 90% of large multifamily purchases are made through syndication.The parties at the forefront of a syndication deal include the sponsor (also referred to as the general partner, operator, or syndicator), the limited partners (or passive investors) and the property management team.

The differences generally are going to be with a NNN you own the whole property, the leases are longer, and there will be probably some limited interaction with the tenant annually and a lot around lease renewal time.  

Most property managers will include a limit of how much they can spend without Landlord approval.

Pick properties like that; example:  Great School Districts, geographical limitations (mountains, rivers, lakes), gated communities, etc.