If you have an unrelated partner that you want to make this first purchase with, then MAYBE, you should consider an LLC, or have a lawyer draw up a simple contract defining your business partnership between the two of you.

By taking on some of that workload, you could reduce your management expenses.On-Time Rent Bonus:  If your property is lower income and higher risk, instead of the 15% then perhaps your PM would consider an on-time rent bonus. 

That can be an additional $720 a month.Maybe consider an interest only loan?

You may also want to consider an FHA loan, 3.5% down.

We may consider an fix rate Home Equity Loan but wanted to see if there was some angle we hadn't considered.

You may want to consider an Umbrella policy to add more Liability coverage.

If you are going to owner occupy, consider an FHA loan (3.5% downpayment) or NACA program (0% down, but must more hassle).

If you're interested in sticking around the Colorado market, I'd consider an Airbnb/short-term rental in one of the areas that allow for it.

Why wouldn't the title company consider an Heirship Affidavit instead of going through the probate process (unless probate was already initiated)? 

I bet you'd have to replace it regularly.If you are going to get something with Bluetooth, I would consider an entire stereo system that's easier to bolt down and less likely to disappear.