anyone who receives Your Title by a transfer effective upon Your death as provided by law; orvi.

Is there anyone well versed in Colorado law that can answer a few questions before I consult with a lawyer?

While it's concerning that the applicants are unemployed, housing vouchers ensure that their rent is covered, which can provide you with consistent payments.

Would need to provide year end statements and ideally a way to import prior history in (avoiding re-inputting of the historical data).

As well as, do not lend to LLC's... 

Well, they want to redeploy the capital so having them kept with a third party negates that purpose.

Under the IRS rules, a person  qualifies as a real estate professional if: (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, AND.....(2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.Like @Greg Scott and @Russell Brazil mentioned above, I don't believe that you would qualify as a REPS, but if you are going to try it, make sure you document it very well (i.e. with some kind of proof, like time cards, mileage forms, and/or receipts, etc.) so that just in case you do get audited, you at least have something to provide to the IRS agent. 

Market on Facebook/craigslist/etc.. as well as local meetup groups for real estate investors.

I'm here to help and provide insights for all things Kentucky.

Well, I'll throw my best guess on the residential market out here as well (and I'll leave notes to Chris):1.)