I am considering starting a new real estate business in the Denver area and would love some feedback on the idea.

I'm going to turn your idea into swiss cheese here, so don't get offended - maybe it will let you consider other angles here.1.

For anyone considering this, it’s probably worth consulting with a local land-use attorney or planner to navigate the specifics and make sure you’re maximizing the opportunity without running into red tape.

However if you try to charge $20 for each piece of tape or something else egregious I would expect a magistrate to consider that usurious and not allow it.

Should they consider selling as-is, finding a wholesaler, or pursuing renovations?

If it has significant upside value, you should consider flipping that yourself or find a partner who knows what they are doing to flip it and split the profit.

I've considered a property management company, but the cost just doesn't seem worth it although it would be convenient.

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

Now I'm not saying this is a bad thing - but it's something to consider. 

BoA is fine for this sort of setup.. but consider a local credit union in San Diego for lower fees and simpler sub-accounts from what I’ve heard.