MFcan potentially give you more cash flow and higher ROI but as @Simon Campbell points out, they come with some unique sets of challenges that new investors might not be prepared for, namely, more transient tenants, higher vacancy rates and more repairs at turn over.

I want to ensure that my late fees are within the law (which it doesn't look like there are any for Colorado) and that I am charging the "Norm" for our area.Bill S.Thank you for your response as well; I am just trying to get out in front of this and be prepared for the next tenant.George P.

Are you referring to when you ask an attorney to prepare the contract with the seller, they turn around talk to the homeowner and try pay them more on the house? 

I would find a real estate agent in that town and I would sell it, and then re-invest the proceeds in something easier to manage.I've been investing and self-managing properties for nearly a decade now, and yet I would not feel at all prepared to manage a rental in Australia.  

You must be prepared to sell when the HOA rules become unfavourable.With condo investing you are not fully in control of your investment.

Never put anything in a lease that you are not prepared to inforce with actions up to and including eviction.

This year although it is corona season I’m finishing up renovations and am prepared to rent out my property.

But prepared to have 2-4 weeks vacancy.

Reading up on different neighborhoods and their seismic profile should help, but be prepared to pay a premium.2)Cluj-Napoca is a student hub.

Be prepared to make insane offers.