You have a very good balanced approach to getting started and it's great you are prepping for the future.

Some lending attorneys now recommend interviewing your borrower in a recorded Zoom call, using scripted questions, to document their intentions.Your list and communication clause comments, @Jonathan Chan, appear to reflect a do-it-yourself approach.

This approach can turn challenges into opportunities.Good luck!

My approach was to partner with a GC, so he handles the rehab estimates with his years of experience.Another option is to read J Scott’s book on estimating rehab costs.I've heard a lot about this book.

Since it did not work out to sell with agent, was thinking about trying the for sale by owner approach, but wanted to reach out to see if anyone had any advice on pros and cons, and any guidance. 

I love the systematic approach you are taking with your real estate investors. 

Both approaches can be effective, but they come with different sets of considerations.Turnkey properties are often a safer choice, especially for those just starting out.

I’m curious about the pros and cons you’ve found with each approach, especially here in Colorado.

Hello BP!
I just closed on my second 4plex in Emeryville this week, which is 75% occupied, and every unit is renting below market (~$250-$1500 less). This is the breakdown:
2 tenants on month to month leases ~$250-...

Most municipalities have different mix-use categories which dictate the precise commercial use that's allowed.A few additional observations on mix-use assets and how I approach them (1) they are generally more difficult to finance than multi-family assets so expect lower leverage terms even if the property performs just as well if not better than a multi-family property and therefore price this into your acquisition (2) I focus on mix-use assets where at least 80% of the income is generated through the residential component.