Anything in the Denver metro area is super high, so you may be better off looking around the Westminster/Broomfield area like you said.

Since he's a one person shop (along with a super), he refinanced his 3 million dollar property and the bank required him to hire a property management company. 

The idea of guaranteeing rent regardless of vacancy is super appealing!

Most out of state investors focus on places like Cleveland, Detroit, Memphis, Toledo, Kansas City, Indianapolis etc......Super low entry price with high rents.

What I take issue with is an GP manipulating ( talking general not this specific thread) debt and then setting best cap super low cap exit range that might be reasonable for a limited period of time if everything goes close to perfect.You have debt and investor sentiment change with economic times and boom that plan is out the window.What likely happened is when rates were low everyone was chasing capital from LP's to leverage and raise less equity per deal.

There are big names like AC Ramos out of Houston who is SUPER successful!!!  

Changing the tractor's oil in the driveway was another favorite: keeps the dust down in the summer.The developer risk is if that solid ever gets tested (phase one or phase two environmental study) you may have to dispose of it as toxic waste, which is super expensive.

@Troy Sheets thanks for the super detailed response I really the pointers.

Some neighborhoods might offer better returns or be more stable than others, so local insights can be super helpful.

That is super important.