The security deposit is especially important in that environment if you plan to let people do payment plans when they have an "emergency" if you don't want to lose money.

The issues with newbie investors is realizing that not everything is an emergency. 

My wife and I like to travel out of state and occasionally Country and plan to do more of this in coming years, being a Firefighter also constrains my time and prohibits me from being able to respond to “emergency” repairs/situations at the properties 1/3 of my days.

If your worried about it hide a lockbox on the property for emergency use.

Being in FoCo you also have Loveland and Greeley nearby which are both solid emerging markets.

I had a little plumbing emergency that resulted in water on the ceiling.

If it still seems like there are excessive repairs, then for non-emergency items, you could take the time to visit the property and go with the repair person to visibly inspect the problem and walk through the repair process with them.

@Allen MotakefHi Allen,i think that area of the state has emerged and as a new investor in the market, 5-6 caps is what's out there.

In the lease have it explained that if it is an emergency, (The pipes burst at 2:00am) they can call the home warranty company directly and have them come out.....and then of course have them call you.

They can provide valuable insights into the local market conditions, emerging neighborhoods, and investment opportunities.Considering you reside near the Dallas, TX area, it may be beneficial to explore the local market as well.