However, with the recent statewide legislation removing maximum occupancy limits, Fort Collins has become an attractive market for house hacking.Although property prices in the area are on the higher end, the strong demand for rentals, particularly among students and young professionals, makes this an excellent opportunity.

Although, the likelihood of this and enforcing it if not honored is a whole 'nother animal.

If they don't pay the dues the HOA can lien the property or enforce measures on it. 

Talk to a local towing company to see what you need to do to get them to help you enforce it (ie what signage do they need so they can tow if you call with a complaint)?

I am in law enforcement and looking for a way out after I lock in my retirement and hazard pay.

Treasury Department's Financial Crimes Enforcement Network (FinCEN).

However, be cautious as banks may still enforce the clause if they detect the transfer of control.

Do you now how to market the property, screen applicants, enforce a contract, conduct inspections, coordinate and supervise maintenance, etc?

This could be huge, or something like the ADU legislation that came out in 2017 and then revamping in 2020 due to convoluted items that made the building very strict to almost nonexistent.The main reason ADUs are hard to get the best value for now is that the appraisals come in short (depending on the comps in the area of course).

Quote from @Jay Chin: You can stick with the original lease, but make sure it covers what you want it to, it complies with current law, you understand it completely, and you are capable of enforcing it.