You will also want to draft a comprehensive lease agreement that outlines terms such as rent amount, due dates, security deposit, maintenance responsibilities, and any house rules.

All legal rights pursuant to the Rental Agreement, including return of any Damage or Security Deposit(s) are assigned to the Incoming Resident and remaining residents.

It's a false sense of security anyway and could save you money in the long run.

This strategy has allowed me to save on closing costs, secure favorable financing terms, and refinance almost immediately, all while minimizing my down payment.

I was able to partner with my parents to secure funding for the down payment via their HELOC.

Granted Colorado could be different, I experienced the same for my other coastal places that hit me hard in 2022 then did a minor ish one in 2023.

To secure the loan.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I was able to partner with my parents to secure funding for the down payment via their HELOC.

Perhaps someone in the BP forum can help refer or is a real estate securities attorney, particularly one that helps LPs.