I'd talk to a Qualified Intermediary before you make a plan.It looks like the government may pass 100% Bonus Depreciation. 

@John Underwood I haven’t heard of losing title insurance as being an issueYou would want to confirm your loan has been sold to Fannie, Freddie or Federal Home Loan Bank before transferring.

Military-friendly lenders like Navy Federal, USAA, PenFed, Veterans United, and Freedom Mortgage offer conventional loans with low down payments (starting at 3%).

More government regulation…

It was admittedly somewhat of a frustrating process and I got the impression that lenders purposefully make it challenging to remove and do the bare minimum to meet the federal guidelines for removal (very slow responses to PMI removal inquiries requiring multiple follow ups, incomplete or missing information on the process of removal or borrower rights, calculating LTV incorrectly, etc, etc).

For example, there is a 2% or so transfer tax to be paid to the municipal and state governments.

HOA's yes, fairly common they have such, not a governance as a whole. 

For me I think Belize is a safer place with a more stable government than Panama....but I have not done a whole lot of research.

Some states have specific rules for buying, selling, or servicing mortgage notes that you must adhere to, even if you are out-of-state.3.Federal Regulations: While state regulations are the primary concern, be aware of any federal regulations that may apply, particularly if you are dealing with notes related to federally insured mortgages.4.

From my research so far and conversations with a couple property managers it sounds like there is more upside on the STR/MTR side of things however it doesn't seem like Denver's government is very friendly to the STR/MTR option.