Has anyone done this or heard about this type of rental?

Hi Stephen,How opposed are you to keeping it as a rental?

@Hanna Minkinit sounds like you're potentially considering buying a rental with 100% financed funds. 

In other words, you have a rental in Colorado and have an LLC also registered in Colorado.

Hi everyone,I'm currently managing short-term rentals for myself and a family member in Texas.  

Hello all,I have multiple rental properties but haven't created any LLC structure.

I feel like that would affect the max occupancy when listing it for rentals but am still trying to get my head around local regulations regarding STR.Am I correct in assuming that we can only rent the home for a max occupancy of what the septic can "handle" based on local regulations?

My husband and I are going to be renting out our first rental property hopefully in the next couple of months.

I'd suggest you start asking other investors in your market for general contractor referrals- people who do quality and reasonable work on rental properties in your market.

You should also speak to a knowledgeable RE attorney to better explain what it takes to own and manage rental units in The City Of Cleveland.