Illinois just legalized recreational weed, however some of my tenants have been smoking it in their apartments long before legalization was even a consideration. 

While those are all considerations and options you have a license and skill that is incredibly valuable to anyone who wants to transition into real estate full time....the ability to charge for your time.

Just keep in mind that it's not all about rate and fees - there is a considerable knowledge and expertise component that should be considered as well.

STRs have unique tax considerations, so setting up the right systems early will save you headaches down the road!

That being said, there's no way your tenant will be happy with the increase so you may take that into consideration.

How do you balance these considerations when choosing a location? 

We were so busy surviving, legacy building, financial planning or investing never came up for consideration (for most).

However, keeping the property and borrowing against the equity (via a cash-out refi or HELOC) allows you to maintain your tenant and rental income while leveraging the equity to expand.Key considerations:1031 Exchange: Great for avoiding capital gains taxes, but make sure the new property offers better returns or diversification to justify selling.Borrowing Against Equity: Keep the steady Denver appreciation and tenant while using the funds to acquire another property.

Yes - I spoke with Ivan Barratt several years back many times over the course of a year, and put considerable efforts into due-diligence.

Maybe I'll need to give it some more consideration, haha, especially because we could probably actually go see some properties in person that way and she speaks passable Japanese.