@Alecia Loveless I am sorry you had the first two experiences.

I'm a business owner in Denver metro and looking to start investing in markets outside of Colorado. 

Did you lie to the mortgage co and produce a “bogus” lease in order to obtain financing?  

So avoid Colorado? 

.- The whole process is simplified—no co-ownership legal headaches.I’m curious about the pros and cons of something like this.

And the whole thing of CO's #'s.

And there are even more carriers who would insure co-living rental w/o owner-occupied - for example Obie.

I should probably add, that I do the same thing here: most of what I bought in the last 3 years does not much better than break even, but I am buying in the best possible neighborhoods that still work as a rental.

Quote from @Alan Mills: Got an inspection objection back with something I’ve not seen on my other rehab’s (this is a Colorado property):“The seller agrees to have a licensed plumber install external sewer cleanouts per city code and scope the sewer line ensuring its integrity.”This was a full interior/gut rehab and almost everything is brand new.

You can also see total loan exposure, every loan ever pulled, every property ever owed, every co-signing partner from every project, permits, etc...