Many investors claim Colorado is now more restrictive for landlords than California! 

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Beside the labor costs there are the permitting and restrictions around Truckee.

The residents do not seem to be STR friendly, so I would expect more restrictions in the months and years to come. 

Yes, this is as niche as it gets, so odds are slim, but I'm curious to hear if anyone else lives on some acreage while boarding other horses on your property?

@Jacqueline LeeIt’s real but the scales are not equal and heavily weighted to those with experience and their own moneySo if you have no experience and no money - your odds are low as why would someone lend you money?

(Note: I’m aware of the new STR restrictions in the area).

First unlike others here I don't think getting your owner draw in the following month is odd at all.

Depending on your address you may fall into the city's jurisdiction which only allows short term rentals for 90days or less in a calendar year, or the unincorporated part of the county which does not have the restriction.

Otherwise you will be restricted to DCSR or hard money loans and have to bring 20-25% down.