The areas that are consistently good have already developed and who knows whether they will grow from here. 

Great opportunity to grow without using your own funds. 

I know there are opinions cautioning attorneys when getting involved in transactions involving an ordinary consumer on the other side.

I should be covered through insurance.So, finally, my question is: how do you limit your exposure to legal liabilities as you your real estate net worth grows, assuming traditional mortgages remain an essential part of your strategy (i.e., an LLC won't work)?

I personally love Montana and have a lot of family friends who have moved up to the Kalispell/ Flathead Lake area but I don't think she would like how long, cold and grey the winters are haha.Also, I have to consider schools and access to sports etc for my boys since playing sports on top competitive teams was something I thoroughly enjoyed growing up. 

According to this article by Rentcafe, "Denver is lit right now, as millennials would say; as the city has four zip codes in the top 20 fastest-growing in the U.S.

Also, just an idea, since you have your hands full now, perhaps consider starting with a passive strategy (aka syndications), and then move to something more active once you have your passive income stream.In terms of HML, I would refrain from it since you're W-2 employee and your HML earnings are taxed as ordinary income (aka at your W-2 rate). 

The growing demand/trend for Vacation Rentals How did you find this deal and how did you negotiate it?

However, a lot of those benefits come as the investments grow and not necessarily up front.However, for a real estate professional it is possible to get huge write-offs immediately. 

It's one of the few growing cities where it's still cheaper to buy than to rent.