Now I know this is most definitely something I need to inquire about when considering different policies.

If not, how much are you all "throwing away" on rent when those funds could be applied to ownership?

Thanks so much!

My Boulder units have still been 100% occupied, while Longmont and Denver units have had much higher turnover in 2024 than the previous 5 years. 

How much equity do you have? 

If not, I most definitely would reach out to the tenant, introduce myself and ask if they are going to be out by the 31st or the 1st, I would communicate  to the tenant as if I know they were told they are expected to leave, otherwise you may find they "do not know" they need to leave even if they actually know they need to leave....In the case they claim they are not aware they need to leave, you would need to follow the laws in the state you purchased the property, usually you can find that info on the states judicial branch or speak with a landlord tenant attorney. 

In this case it might be more of a 20/65/15 to get what you need out of selling the 1st. 

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

After that all you need is the right team.  

You need to know what things cost.