From the 1031 perspective the tax payer has to match. 

The main distinction is access to worthwhile deal flow.

Divide the labor cost by what you think a good hourly rate is, and see if the number of hours matches reality.For the hourly rate, the federal minimum wage is currently $7.25 an hour. 

yes we did, closed on December 19th, everything went smooth other then the land side of things, the deed information never matched what was listed by auction.com, they were auctioning it as 3.6 acres, the square footage of the lot only adds up to 2.6 but if you go back 3 owners to the 80s the deed says 5 acres give or take with the same lot information, somewhere along the line the 5 acres give or take was removed from the deed, nothing was ever split or sold but it's always had the same square footage 225x450x195x450.. with or without the land it was a great deal and it went very smooth and I'd definitely use auction.com again.

You are just framing in and putting in insulation (if ) and drywall and mudding and texture+ paint to match. 

Biggest lesson learned is being so excited about the zoning, that I overpay on the acquisition when the strategy didn't match the investment planned.

I found one property that's coded as a single family house but it has three distinct living areas (3/1, 2/1, 2/1) with three kitchens, living rooms, bathrooms.I've seen some posts in other cities that if it's owner occupied, you can generally rent out other area(s) without a problem, but you can't rent more than one unit if you move out. 

The key for Colorado is that it can be difficult to find on market houses that would cash flow and harder to find one that will match the 1% rule. 

I would always counsel that you make the deeds match as closely as possible because that avoids questions an inexperienced field agent might raise.Once you have completed your purchase however you can change entity if you wish to provide you more protection.  

@Andrew O'Kane unless your employers are matching your 401k contributions I wouldn't be maxing it out.