Mine (reviewed by a CO attorney) allows me to give ten days notice (before the rent is due) that the lease is terminated.If he doesn't pay the rent on Jan 1, you will have excellent cause to start an eviction.

A co-signor (endorser) is a signatory to the contract (lease in this instance) and is entitled to all the rights and subject to all the obligations of the contract ... in other words, they have tenant rights.  

I am just getting started in the area as well, and my focus is on multi-family, close to UofA.In terms of single family, I have a co-worker with rental property in Vail.

But the new construction as long as you don't give them money until the house is DONE and you have a CO ( certificate of Occupancy) done a home inspection to make sure the work was done correctly .. and you have met and talked with other PM's to verify rent rates.. then you have done what you can do and if those are the assets you want and your willing to take the risk in those neighborhoods then that's what America is all about.. freedom of choice.  !!!

Referrals are probably the best way to find a manager in your area or use Airbnb to find a "co-host" for a cheaper option.  

Bringing on a co-signor with high debt is also not going to help you.  

I did all my course work online, and it cost me about $750 total with my classes, finger prints, test fees, etc.I spoke with a co-worker who told me he has spent over $6,000 obtaining his license!

My parents are another option we've thought about, although I didn't think a mortgage could have a co-signer..

Is there a way for the sellers to add me as a co-host and stay on as a host for a monthly fee?

Bringing in a co-signer, @Ryan Thomson suggested, would have likely worked.