You can rent that out as well on months your not there and ultimately refinance down the road to pull cash out and transition into a full time LTR or short term rental VRBO to make more money.

But the place is clean, she pays on time and is low maintenance.Someone else mentioned when she goes, she may leave stuff behind and that may be true, but you'll be dealing with that now or 5 years down the road either way.

Such a long road ahead but I’m so excited to see where this journey leads!

I know its not helpful to you, but if someone else is reading this down the road - this is why buying in an HOA is a bad idea unless its a purpose-built resort. 

Hey @Alex Jacobson - just up the road from you in Longmont.

Greenwater has a few as well which is on the road toward Ashford.I would be a bit concerned about appreciation.

Think 10 years down the road and you will likely make better decisions. 

"for $___/year, we provide "x" additional inspections")6) Liability policy that covers tenant intentional damage, criminal acts, and unpaid rent when skipped or evicted (through insurance provider that provides this kind of coverage)7) Financial reports per quarter (as whatever period makes sense to you) (this can allow you to advise the owner on the health of their portfolio)8) End-of-year review of the property to show conditions and suggested needed and preventative maintenance items 9) Preferred vendor discounts (requires a contract with a vendor to give better pricing)10) Eviction protection programs (this is usually done "in house" when you have sufficient number of units under your management to be able to offer this kind of program)11) Legal services (requires agreement with landlord attorney to provide those services at set fees)12) Professional photos option (for enhanced listing)13) Professional, licensed home inspection (this is more relevant for older homes to ensure safety and habitability are addressed) 14) HVAC filter replacement program (this can also be a program offered to tenants)15) Pet and ESA screening through pet screening vendor (helps to streamline and increase quality of screening)16) Client portal account for ease of communication, updates, reports, etc.

I am just trying to see what my options are when it comes to purchasing the house and turning it into an investment down the road.

The biggest pitfall is when a landlord tries to be "nice" - non-paying tenants are literally stealing from you, treat them like the criminals that they are.To calculate reserves for vacancy costs We average about 2-3% vacancy across our portfolio, I use 5% as the number for reserves.