The fastest way to real wealth is to focus on all 3 at the same time.The only time I'd recommend buying a garbage property that will cash flow is if you have immediate short term plans to reinvest that cash flow into a property that will appreciate and you should me moving as quickly as you can into building equit through mortgage paydown. 

I will say that in most instances it makes more sense (unless you really want to get rid of one tenant or the remaining tenant absolutely refuses to extend the lease with vacating tenant's name still on it) to simply extend the lease, because you have two (or more) people to go after which increases your chances of recovering your money.  

So there is not a ton of benefit to be gained by an LLC and that is before factoring everything that is required to have a properly maintained LLC that can have a chance at protecting you and not getting pierced and thus worthless anyway.Don't get me wrong.  

Imagine if you had the chance to get into 100 of these with the same terms; you'd be able to retire in no time.

Will you be given a chance to do thorough inspection before making offer..  

Needless to say, significantly lower than what my payment will be.I'm considering offering to do a subject to purchase agreement to allow more cash flow and have a greater chance to put together the cash I'll need in 5 years.

There's a good chance that someone ghost-wrote this book for him, but the ideas in it (personal finance, building leverage, flip vs buy-and-hold, buy-it-right) are both concrete and several steps beyond the BiggerPockets guide.

Now compare Denver to Dallas and Atlanta, these two cities have great rental rates (not quite as high as Denver) but with lower purchase prices (for now) than Denver, which makes it easier to find properties that will offer you a better chance for some good positive cash flow.  

Also, it will give you the chance to see different personalities and choose from a higher pool of prospects.

There's still a chance I can get a restaurant but the margins are so low in that business.