I'm looking to purchase a home in Erie or Broomfield CO, where my family(2 toddlers, 2 huskys) can live comfortably on the first two floors, and we would rent out rooms/suites in the basement.

I guess what I’m asking is, if you an owner turns over management to a PM the owner is no longer liable for any potential law suits? 

Years ago Harvey Mackay wrote a book called "Swim with the Sharks".

It takes big budget marketing and most leads are best suited as listings currently. 

I came across a similar deal in my area, already set up triplex (separate suites, kitchens, the whole deal) with a huge monthly rental income when compared to the asking price.

I am familiar with a former longtime landlord of mine & my beau's who may have some notes to sell (so they can get out of the tenant/flipping/rehabbing headache, & possibly retire) , as well as  a partially vacated plaza near us who may need some seed capital to cleanup the property & fill their longtime empty suites back up. 

Property location is well suited for short term vacation rental.

It's what your comfortable with , in my case I'm a self learner or self taught , I just jump in the pool and swim and learn as I go , that's why I'm a great musician and in the entertainment biz  Many people are terrfied to do it this way but the benifets are that you can accomplish your goals extremly fast I just started in real estate in the summer and did'nt have a clue about the buisness and now 4 months later I'm about to close my first apartment deal with a partner in NYC.

While the chances of the SEC or a state securities agency getting involved are small, it is quite easy for an attorney in a civil suit to show a violation, and thus score a successful judgement against a syndicator.

Suit jackets are only made to hide sweat.