Focus on the human aspect as well as the legal side.Have you tried connecting with local landlord associations or zoning consultants in Denver?

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

With that said, here are some questions I would ask myself about the situation: Historically, have the students paid enough in the 9 months to cover all the expenses associated with these properties?

So most agents are only putting about half of that $12k in their pocket, and out of that $6k they have to cover all of their operating expenses: licensing fees, MLS/ Realtor Association fees, continuing education classes to stay compliant with licensing requirements, monthly "desk" fees/ technology fees to their brokerage, health insurance for themselves and their family, errors and omissions insurance (required), marketing, car, car insurance, gas, clothes, computer/ software, cell phone, closing gifts, signs, photography, staging if they offer that, etc.

This is correct, but that .5% is IN ADDITION to all the other closing costs associated with a refinance (Title/Escrow Fees, prepaids, and depending on the bank, Underwriting / processor costs) - so in reality it can be a little more expensive to refinance with IRRRLs.

On the other hand, this phrase is often used by the likes of Uncle G (who, having an accounting degree, should really know better) to suggest claiming personal expenses as business deductions.

I mean, you might be better off taking the case on yourself.You can break a management agreement whenever you want, but there are fees associated with that.

All are great tools.Yes there are transactional costs associated with each but there will come a time where the cash flow properties incur transactional costs as well.

Most assignors in my area of Texas have virtually no concept of the real costs associated with an investment, including acquisition, hold, remodel and sale costs.

I'm on the Board of Directors of the Rental Owners Association of Lane County (over 1,300+ members representing over 20,000 rental units!).