Quote from @Michael Smythe: Would only recommend on a Class A property in a city with major housing shortage.Then you are likely to get solid white-collar tenants that understand the living arrangement.Otherwise, you'll get transient type tenants that will be nothing but trouble.This was what I was concerned about. 

Quote from @Pamela Rivas: Hi Natasha,Here are some key points to consider about setting up a Mexican corporation:Setup Costs: $1,500–$3,000 USDOngoing Costs: $1,000–$2,000 USD/year (accounting and tax filings)Benefits: Tax deductions for expenses like maintenance, repairs, and managementBest for: Multiple properties or income-generating investmentsWhile a corporation is ideal for managing multiple properties, it’s NOT required to obtain an RFC.

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Since the mortgage rates have been higher than previous years and the inventory has been lower I'd recommend looking into multi family options that are currently cash flowing in areas that values are increasing.

While having high standards is important, it's worth considering that many Section 8 tenants might not meet requirements like a 640 credit score or $90,000 in household income.

If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

Keeping the good relationship with her and thus your grandkids is more important that the rest of it so make sure you are prepared to give and sacrifice money if and when it is required and have certain things agreed up and in writing up front.

The states that I know require you to try to mitigate your damages if a tenant breaks a lease early.

You'll have to meet higher ratio and FICO requirements. 

The capital required for Denver, and limited cash flow makes it a tough market to get your next one.