However, I would suggest you calculate a 5-10 year pro forma on each property and calculate an overall IRR for each so you can compare and contrast based on your risk tolerance.

@Gagandeep SinghYou might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider: https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorseOur analysis is a template you can follow for any city.

As compared with local lenders credit unions the reporting requirements are vastly more for agency loans.John

You'll need a reliable network of local professionals (plumbers, electricians, handymen) you can trust.Hiring a Property Manager:Peace of Mind: They handle day-to-day operations, tenant communications, and legal compliance.Local Expertise: They understand the local market trends and rental laws in Colorado Springs.Cost: While there’s a fee, many find it worth the reduction in stress and time commitment.Lessons Learned from ExperienceBuild a Strong Local Team: Even if you manage the property yourself, having a dependable local handyman and a real estate attorney can save you headaches.Leverage Technology: Utilize property management software for rent collection, maintenance requests, and tenant screening.

Also was thinking about homeowner protection from bad tenant, are the laws more favorable for tenants in ca compared to tx etc any input would help.thanks 

Pricing-wise, I’d say $100 per night sounds fair given the length of the stay, especially compared to your usual rate.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Verify these numbers by researching comparable rentals in the area or consulting with a local property management company.Additional considerationsContingency Funds It's wise to have reserves for unexpected expenses during the rehab process or unforseen vacancies.Market Conditions Keep an eye on the Denver market trends.

Check them out, it's super easy to get a quote and compare it to others.  

I just took a course and was learning about market research, like looking at population per capita in an area and average income, among other things, and comparing those factors in one community where there may be a property you are interested it to another community.