The key to understand about STRs in CO is the regulatory environment - it is simultaneously the best part of investing here, and the worst.

So he may consider this most of the basic functions of PM without actually being a PM (and thus not subject to regulation). 

I couldn't find anything within FHA regulations regarding this.

I have been reading thier seems to be a lot of rules and regulations.

60% LTV is not that low, particularly in a higher rate environment where the debt service coverage requirement (cash flow) is now limiting LTVs to 60-70% in many cases anyway.Separately, should be able to get a commercial loan with a rate in the 6s.

Without it, there's no guaranteed legal status, which could lead to being forced to leave the U.S. and potentially manage property from abroad—a complex and often costly endeavor.Real Estate Ownership and Rentals as a Non-Resident: If you do decide to purchase property and then move abroad, you can keep it as an investment, but it requires navigating tax regulations specific to non-resident foreign property owners.

There is also some tight zoning and regulation in Whitefish.

You familiar with development/building regulations in Ontario? 

In our property, the house was open to the air in the damp environment of coastal Florida, no heat or A/C at the house.  

Federal regulators HATE real estate investors, therefore, banks don't like to lend to them (us).