Now you can check with your local state laws and if you can garnish their wages a lawyer may be of help but a collection agency won't help.

Colorado is evolving very fast with some new laws such as the 'Just Cause Eviction' -  HB-1098 effective now. 

I’m not a professional in acquisition or financing, but I’ll share some thoughts from my personal experience.Building Codes and Zoning Ordinance: research your local zoning laws and building codes.

The third zone is one that is highly regulated, perhaps taxed at a higher rate, but has an established process for STR's and the risk of changes in the laws regarding airbnb or other OTA's is relatively low, simply because those conversations have already happened and the local government has decided that they are going to allow them in the area and have an established process for permitting, etc.

This new law would require me to cover that cost out of pocket, which quickly becomes unaffordable, particularly when I'm spending extra time verifying their credit check is legitimate.

Right now and what happens in those member, it's entirely possible that some of your tenants run into immigration issues and disappear.

How well do you know the laws regarding rentals and tenants?

.- Educate yourselves: Learn about local market trends, zoning laws, and permitting processes.- Set realistic timelines: Account for your full-time jobs when planning project schedules.- Budget carefully: Include a contingency fund for unexpected issues.- Focus on high-ROI improvements: Prioritize renovations that add the most value.- Document everything: Keep detailed records of expenses, work completed, and agreements.- Consider liability protection: Look into forming an LLC or other business entity.Starting with cash is a smart move to minimize risk and learn the process.

Yes, I remember when this law was passed.

Smart steps include studying the market, planning your money, thinking about law stuff, and looking after the property.