The wealthier areas will be lower risk, and thus lower cap rates. 

Lower down payment, lower interest rate, better terms across the board. 

They could buy a house, but they really like where they are and don’t have the responsibility and stress if something serious goes wrong.

It is rare I will ever go lower on an occupied house.

So while it might need x/y/z you'll need to offer a lower price to cover the cost rather than trying to get the same price on the condition they fix the roof or plumbing.

The benefit you get from manufactured homes, at least in our experience, is a lower price compared to stick built with almost identical rents as stick built.

I am a licensed Realtor, so I am planning on NOT taking a commission and have them lower the purchase price but what other strategies have you guys used in order to buy in this hot Colorado market with a FHA loan and only putting down 3.5%?

Convienant access to major job centers and a much lower price point than suburbs directly to the south make it very attractive to renters and great for cash flow. 

Big Opportunity comes with Big Risk in most cases.My 1st was a 14 plex I bought for $10, and am still renovating to this day all in around $600k...Risk, Stress, Learning, and Growth all lumped into that deal.My 2nd a Duplex I am converting to a Triplex.

Let me stress that A PLAN!