I eventually found investing in syndicated deals to be the perfect combination of being passive and giving me the benefits of owning physical real estate.

The policy in the lease is that tenants should not make any changes to the property, but I would like the opportunity to make exceptions when it makes sense.I will require this to be done by a bonded and insured contractor, and require them to sign a physical document that outlines the terms and costs involved.

I have visited sites that show me important stats but obviously being physically in the market (or having someone there for you) is best.

Proximity is not the determining factor.

Can you bid online or do you physically have to go to the courthouse for these auctions?

On top of the obvious property-specific physical risks, there are many others.  

I have physical issues that prevent me from doing most traditional work. 

You talk about your investment goals but it seems like you have other goals with this purchase as well -- mainly proximity to downtown Denver and new-build, ready-to-go condition.

You need to look at recent comps for comparable properties in close proximity to get an idea of values.

Simply having to physically get a check and show up to a location slims down your competition by a large margin.