If it is a month-to-month rental (or verbal, which is the same thing), then you have to give 30 days notice before making changes.I recommend you spend 3-6 months observing the tenant to confirm you want to keep them.

Quote from @Grant Tyler Short: So you think it's wise to advise someone to enter into an agreement where they have $606 after tax dollars to spend on the rest of their living expenses?

As long as you are prepared to spend $10-20 per square foot to furnish (depending on how high end you want to go), then a $500 dumpster rental and a Facebook marketplace listing solve your problem.

How much more time would you have to spend given that it is an STR.Is the extra money / time spent worth it?

If it's not transportation, housing, or food, don't spend a dime on it. 

Comps will tell you that you should spend the extra 6800...

Hi Everyone,     I am aware Colorado law prevents landlords from charging the tenant's security deposit for the time the landlord spends on repairs (though they can charge materials).

You will have to spend considerable time and energy getting familiar with a new market whereas if you stick with the original one you appear to have enough capital to get started right away on a new building.

I been spending time researching Des Moines and I really like what I see, although their isn't much for what I am looking for. 

I also do not spend any of the net and reinvest it in RE or equities.