However, we are in Colorado in the mountains and the fire risk is high and real.

The least states:"Tenant shall pay a "late charge" not in excess of five (5%) percent of the amount in arrears for each month the arrears remain unpaid if any Rent is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments.

I was just hoping to transition it into LTR and since we have newer furniture that fits the space well, it just seemed a shame to sell it all to do an unfurnished LTR, but again, I'm having a hard time understanding how logistically some of the details are worked out with that with furniture involved in an LTR.Thank you again for the support!

It ensures you’re bringing in responsible tenants and minimizing risks.

Going this route is more involved and that makes it more costly too.

Minimal risk.

@Vidit Maini Starting your business as an LLC taxed as a C corporation offers flexibility but involves double taxation unless you elect S corp status, allowing profits to pass through to your personal return.For tax savings, deduct startup costs, track business mileage or vehicle expenses, and consider a home office deduction.

Political risks and plenty others in 25 years of selling real estate in Dallas area I have never sold one in the flood zone or probably anywhere near a flood zone.   

Look for properties where you can add value with smart, targeted renovations rather than going overboard.Financing Strategy: Since you're aware of the leverage risks, keep your financing options flexible and conservative.

We do our best to ensure our customers realize their full potential ROI, but we can not guarantee a successful outcome as this is the risk that is associated with investing in real estate.