This means more time and money spent on marketing and preparing the property for new tenants.Wear and Tear: Student tenants may not take as good care of the property, leading to more frequent repairs and maintenance.

Are you prepared to self manage?

Yes I plan to get with the city but trying educate myself to go in prepared.

Tax preparers usually charge another $500 to prepare the 3115 calculation schedules per property so that saves you money.  

@Priti GuptaYes, from an accounting and tax return preparation standpoint it is better to have a business bank account and a business credit card from the beginning if you plan on collecting rent. 

Here's a PARTIAL list:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Payroll & payroll taxesBusiness income tax preparation and paymentsLabor: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why taking so long, and more & more & more...

I believe we have approached 5 CPA's or tax preparers in Colorado.

What she said… As I was preparing to say exactly the same. 

If you're an accredited investor preparing to send six figures out to something you haven't bothered to fully understand, you can afford to run it by a fee only CFP (financial planner) to get some professional advice that fits your specific situation. 

But realize that there's time involved to prepare plans for city submittal - that can be anywhere from an hour to a couple of days, depending on the complexity of the project.I usually eat the cost of contractor licensing for retail clients, but I might pass it on to an investor client.