I am looking for a duplex or maybe even a single-family home with a in law suite.

Is there anyone well versed in Colorado law that can answer a few questions before I consult with a lawyer?

First, I would check your local landlord-tenant laws to make sure you know what you can and cannot do, or better yet, spend the money for a 30 min call to ask a lawyer.

My initial leases would certainly be 11.5 months or less with this new law.

Based on what I've seen, there's a very good chance they will not obey the law, pay taxes, be a good neighbor, etc.

This in effect means LLs paid for the housing of these tenants by law without getting compensated.  

@Cory M.Depends what kind of banking you need, but after searching high and low state department federal credit union (with an American citizens abroad membership first, like 100 bucks) and capital one have worked best for me to avoid the nightmare you mention of trying to deal with US banks from outside the US.

*I hope I'm not breaking any copyright laws, Heather and Brandon, by paraphrasing your book: The Book on Managing Rental Properties.

The only thing out of state I would consider is PA cause it's still on the up and you can potentially hold and rent anything that doesn't sell for a decent rate where the rules/laws are better.

If you are comfortable with renting by the room, check the local municipality laws in the areas you are considering to make sure there are no restrictive laws about operating boarding houses.