I've got about $400k to loan and if I can prove my model to myself, I have access to another $1m in cash. 

Find something you like, run some numbers, make sure you're not losing anything crazy per month (because it's tough to cash flow in Denver right now), and then buy. 

OFF market is where you find 99% of the dealsGood luckBTW you better be cash or it will be much more difficult, 

Quote from @Melissa Rivera: When a tenant is late, your policy should be that payments must be in full and with a money order or cashiers check.I would contact the tenant and tell them you will not accept or cash the personal check.

The seller of the property built them back in the 90's and paid in cash for them. 

Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio.

It will take you a long time to recover this negative of a cash flow.

Capital gains with cash is bad.But I do recommend partnerships for most STRs for a handful of reasons-https://wcginc.com/kb/rental-partnerships/

I am using an app for wholesale listings in my area but even those won't cash flow as buy/hold (it is more for fix/flip).

Did you pay cash for it?