@Ryan BroschardHi Ryan,You have hit a common issue many new investors fail to anticipate.  

Just be sure to clarify that she isn’t a leaseholder but is authorized to reside in the unit.If you’re concerned about liability or want more peace of mind, you could ask the primary applicant for additional security, such as a higher deposit, depending on what’s allowed under Colorado law. 

Would definitely check local zoning / code enforcement laws as well.  

Also know that building a home seldom goes as expected - I have relatives that just built a nicer house… they thought it would take 9 months… it literally took 18-24 months between delays in permitting and the builder just not being able to get it done in a timely manner - often due to sub-contractor issues.  

I bet if converted BACK, it would be 4br+, probably a rather spacious 4br+: - a whole lot easier to rent given much more demand for such vs efficiency or 1brs- no longer competing in any way against apartments- no more utility issues, because tenants cover 100% of there own utilaties- no more headaches of wrangling different persons to play nice togetherAnd on and on and on...... 

Then, they sign the lease, are issued a key, and can move in.Nobody moves in without passing my screening and signing the lease.

@Nitesh Chand check your state & local laws!

One thing to consider on the credit card option is that a lot of contractors don’t accept them so that could be an issue.

@Rachel Jane a lot of issues here to consider:1) Does the condo association even allow rentals?

I even try to unsell them on the business by sharing my financial losses, litigation,  market shifts, permit purgatory, shady contractors,  clouded title issues,  paranormal activity, squatters, mold, etc.