In addition to the loss of $300 per month, there are risks to being a landlord.

The owners have evidence that they bought the land from the municipality of Carolina PR but they never add it to the hard copy of the property.Any advise on how to modify the hard copy or how to deal with this to be able to get the loan?

If possible add to security deposit for this 2) they pay water bill over X or they take over water bill split % of SF Ie 55% A 45% B. 3) they maintain liability insurance if anyone hurt/drowns in pool and you are named additional insured.Remember you will be sued too if anyone drowns in the pool.

I realize that there would be additional transport costs to Colorado.

If you are self-employed with no full time employees your business can sponsor a Solo 401(k), which has higher contributions tools and a few other 401(k) associated plan level advantages in addition to being a very flexible investing tool. 

Major renovations are planned: new roof, new HVAC, tearing down walls to increase HLA, licensed contractors on the premises, and some earthwork around the house to prevent rainwater drainage going through the house foundation.Thank you in advance!

Shutters and some simple, low maintenance landscaping would certainly create some depth....just be mindful of any additional trimming/weeding when developing the landscape plan.Best of luck!

My question is, can we sell it now or do we need to hold it for an additional 5 months so that we have lived in it for 2 consecutive years, in order to be able to avoid being taxed on its equity?

The DP3 provides all the coverage of the DP1 and additional perils.  

My question is, assuming we are not willing to fork over an additional 75k to close the mortgage out, do lenders offer refinanced mortgage packages for such a small amount of loan to value?