I suggest you invest in an attorney reviewed and edited contract, draft the contract first if you want to tailor everything to your side, saves you money also, imagine all the worst case scenarios, over budget, over schedule, change orders, etc. you need to get the CO clause at a minimum pay, say actual hours x fixed rate and major material receipt only plus 15%.

I know a fair amount of JV players in California and some who would consider Colorado if the deal was enticing enough.  

If it's under construction and you see workers there, ask if the owner/contractor is on-site or get their contact info.

However, another suggestion is to find wholesalers who may be willing to do a co-wholesale.

@Ande Andrea in regards to the point you made about the lease option stating that you can't have people in the home for longer than 2 weeks, that clause typically translates to anyone staying longer than 2 weeks needs to be on the lease agreement because they are considered to be a co-tenant.

Don't bother with the title co yet.

Hi guys and gals, I wanted to start a discussion on starting out in real estate investing by house hacking in a relatively hot market such as Denver, CO and the surrounding Denver Metro Area.

With the Quit Claim deed in Colorado, I can say it is a $10 or less "sale" and not pay anything.  

The Title Co. can tell you if the Title will be clean.

Convent Conversion  901 E Evans Ave  Pueblo CO, 81004    Purchase Price100000 After Repair Value167,000 Closing Costs5000 Estimated Repair30000 Down Payment20000 Loan Info80,000 @ 5%, 2 points, 25 years    7 small 40028001 master500500Total Income 3300  Operation Expenses  Vacancy (12%)400 CapEx (10%)330 Water200 Insurance200 Repairs (10%)330 Electricity200 Garbage200 Management (10%)330 Total2190   Loan467.67   Total Expense2657.67 Total Cash Needed56,600 NOI13,368 COC ROI13.70% Final Cap Rate8% Monthly Cashflow646.33