Risk/reward was not something I was comfortable with after looking at numbers and a few things not grandfathered in if a tenant left. 

I think the before vs after pictures really speak primarily to your experience and ability to execute a project so it can help lenders gain comfort with future projects and allow you demonstrate what level of detail you except out of your contractors.

Covering this with my salary is relatively comfortable.  

I think if anyone chose to focus on inbound crews and create parking like you said, as well as crew amenities (large dining areas, etc), they would be booked year-round and in-demand.

- This ties into the previous question a bit, but we have around $70k that we could be comfortable deploying into this if we find the right deal. 

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

I was not comfortable with the market and interest rate conditions, so I elected to hold off.

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

@Zach Denny - I agree - chances are the institutional lender won't be comfortable with an owner-financed 2nd and 100% combined loan to value.

That is comforting, if I'm an investor.I still feel good about investing in Colorado locations if the area has a law on the books actively allowing Airbnb.