The landlord prior to that is from Northern California (where our available rental is located), he said that there was never an issue with rent being paid, and they were great tenants.My concern is coming from employment.

I would think it wouldn't take long to build a mini empire off of this method. 

This will greatly reduce the Pavlovian stress of tenant calls.SCREEN YOUR TENANTS...background checks, employment verification, check references etcetera.  

I have in my business plan revenue increasing methods (market rent, Washer dryer in room) as well as the rehab of units starting year 2 to increase rents.

@James EllisHave you looked into opening a self-directed IRA or, if you are self-employed a self-directed solo 401k?

I'm looking at investing in an apartment complex in Colorado Springs, I'd like to hear feedback from locals in regards to future income growth, population growth and employment in the area.Thanks,Justin

Thirdly if tenant is approved by Homeowner association (they run criminal, credit, employment check) but I feel that tenant credit and employment history my be risky for me rent to this tenant, what would best way to reject tenant and not be on hook for RE agent fee?

What's the best method in your opinion (postcard, letter, brochure, etc)? 

Your plan is a great plan and one that can work, however, I would suggest doing alot more research on the housing market here, the rental regulations from the different townships, and employing a Buyer's Agent to help you (I'm available).

Well, there's the traditional methods.