@Julie Marquez I believe what @Jennifer Beadles is trying to say is that anything over 2 units is a different set of codes (rules) to build to.  1-2 family houses use the International Residential Code (IRC) in most states, and residential and mixed use buildings with more than 2 units use the International Building Code (IBC).  

All my vacation rental/STR clients tend to look for a turnkey property in the mountains, but there's something alluring about building your own vision in the Colorado wilderness to get away.There's a big difference between improved and unimproved land.

However I have used a rule of thumb of 20 btu per square foot for air conditioning in a decently insulated house with good windows, and 45 btu per square foot for heat.

The numbers for 2023 are poor, but 1) I am optimistic will improve 2) I have already done great with these purchases 3) the appreciation from market appreciation was good (this on top of the value add appreciation on the 2 new units).  

The 50 house rule would save a lot of investors a lot of money.

However, the future looks bright with a promising pro forma cap rate and the potential for significant equity growth and improved returns down the line.

If I was to return to Denver I wouldn’t look to live in this house.Should I rent for the next 2-3 and sell just before the 2 of the last 5 years rule?

The only thing you need to watch out for is the 50% rule.

On an early 1900s house slate is common and will last a long time but it's hard to find someone to repair and more costly due to lack of materials. 3 Tab shingles would be next and are very similar to what is available now with improved designs in the dimensional shingles which oddly enough were made to resemble the old slate shingles.

There are so many programs beyond section 8 , I was not aware of and now we have the opportunity to have conversations that HUD will use to improve relationships with landlords and property managers.