I am putting together a comprehensive package for developers that shows the potential for both commercial retail (since most major grocery stores, restaurants, mall, Hospital, attractions are 12 to 21 miles away (the airport is 6 or 7 miles away) and subdivision as the land has plenty of frontage and is on county water.   

I'd do a majority of your learning through books or podcasts and network with people off BP before any meet-ups - unless you know someone and trust them.

I want to take a year to have relationships ready, raise my familiarity with the process, and learn what not to buy before I start making deals.Any major flaw to this in Albuquerques market?

Before people jump on me with 'if you do it, you've got to do it right' comments - sometimes you need to juggle your funds and do enough to make it safe and then deal with major replacements when you are getting ready to sell and when property values may have gone up 30%.

We buy the majority of the properties we generate from our marketing, but wholesale some too.

Your lender is confused because he's one of the overwhelming majority that goes an entire career without learning anything but how to finance single family homes for married couples intending to live there, which is the overwhelming majority of mortgages written.

PS -  it's Sunday so I will be calling all the appropriate departments and the like tomorrow to get some answers. 

Owner states house has no major issues currently (will be getting appraisal and inspection) only,cosmetic repairs may be needed.

I’m not sure Colorado’s laws are the same but you could check with the Colorado Department of Real Estate for their specific guidelines.

Don't know about your city, but I think in many locations you're going to have a hard time explaining to the code people or the health department about why rat control is the tenant's responsibility.