I think it's important to identify your goal, be realistic about what the issues are around it and also be proactive (jumping on here) to figure out what is feasible in Colorado Springs.

The road to find a property has not been an easy one in this market, nor will it ever be in any market.

(for example, one of the lawyers I work with has represented clients in court cases for contract disputes so he has a keen eye for contract details or omissions that could be a problem down the road)What do you think are the most common legal risks that investors take either knowingly or unknowlingly?

Non ad valorem would be taxes that are evenly applied to all properties regardless of value on a per-property basis, commonly for community road improvements, new fire stations, CDD (community development district), or other items like that which impact a small part of the county which those seeing benefit repay over a period of time.

Next time i go ill need someone in shotgun to yell whenever i veer off the road

Any person staying more than 2 days a month must be identified on the lease.

It’s on a semi busy road with other century homes on both sides.

plex's in vegas need to be chosen wisely.. for tenant risk.. but same can be said anywhere.Vegas will be easier on cap ex and maintenance than OKC.. and probably more upside down the road.

The National Electronic Code does not require grounding for older buildings that are grandfathered in, provided they are properly identified as such: either by labeling them as ungrounded or simply using a new 2 prong outlet to replace and existing 2 prong. 

Have you identified any markets you are going to look at?