Since you have a W2, are you considered a passive investor and limited by the amount you can deduct?

Assuming you go private/commercial, these loans are reported on credit, so there's no limit. 

Remember, they only provide limited liability protection, not accounting/tax benefits (unless you are investing with a non-spousal partner).https://www.biggerpockets.com/...https://www.biggerpockets.com/...As mentioned, many investors just use insurance. 

Folks seem very willing to dramatically pay more in these “affordable” markets in a feeding frenzy fueled by cheap mortgages and limited choices for house hunters.

Available companies in this area seem limited.Does anyone have any recommendations on companies that support this area of Colorado?

across the country its more like 10 to 15% apr and for limited to no experince it will be the highest.  

From my limited rental knowledge (only have one rental ATM) it seems like 2500-3000 is a tough sell unless its near great schools and jobs.

You are limited with highway options for commuting to Plano but traffic isn't that bad.

Anyways, the plan is to continue to accumulate properties around this range until I have enough equity that I can 1031 exchange into larger properties with more units to supercharge the process (or I have to do this because I hit my mortgage number limit). 

An additional advantage is that you have a higher total purchase price limit on that FHA loan for a 2-4 unit property than you would a single family home.