Without knowledge of the occupancy requirement, I think these terms are wrong to use because they're not as defined.

With the right layout most people will deal with this regulation by having roommates, who while they may have run of the house in theory, stay within their area, even if it isn't a legally defined unit.

Hopefully completing your goals will help to define your answer to this question more clearly.

Smaller ticket items, think water heaters, toilets, vanities, shower fans, light bulbs, switches, river rock, vent covers etc etc.I also spent all hours outside of my W2 working on some aspect of the project from Jul 1 to Aug 15 (spent my birthday dinner sanding floors).

We have some knowledge of the business, having been educated over the years in various aspects of it.

Let the great cashflow vs appreciation battle begin...My opinion is to define your goals first.

While it is not defined, the common understanding is that having one rental property is not enough to pass this test.

However, my girlfriend and I decided to upgrade few aspects (namely kitchen since she loves cooking) of the front house since we were going to live in it for the next few years.

However, it wasn't clear if that was only for tenants on a month-to-month lease without a defined lease termination date (which is what our leases are based on).I would certainly appreciate any insight on legal requirements surrounding notice period on raising rents in Colorado.

There is a human aspect to it and its hard to not be affected by that.