Ultimately, I sold the property for about break-even because of personal circumstances that changed in my life.

A good realtor can generally help you win a bidding war with a higher earnest money and a fast close with no inspection if that was the case.Under the current circumstance you could pull out just enough cash that will allow the home to cash flow based on a LTR.

I think personal circumstances are ready, and I just need to learn and get the local knowledge you mention.

That said, it is not always best to go a specific route, it mostly depends on your specific circumstances.

In either circumstance, the door must look as it did when they moved in.

I currently live in the Midwest and, due to circumstances, house hacking is not an option for me.

What would be a circumstance where I would be allowed to be compensated?

Tools like Cozy or Buildium can streamline processes.Understand Legal Obligations: Stay updated on Colorado landlord-tenant laws to ensure you're compliant with security deposits, lease agreements, and eviction processes.Effective Communication: Set clear expectations with your tenants about communication channels and response times.Regular Inspections: Schedule periodic visits or hire someone to conduct property inspections to catch minor issues before they become major problems.Final ThoughtsWeigh the pros and cons based on your circumstances.

Even with supposedely wells creened tenants, you never know when they have a life circumstance and someone loses their job, dies, gets sick, divorced, etc and everything changes.

Conversions get very technical and can trigger specific requirements based on various property circumstances.