If it's only subject to the MN rules, I haven't seen any stringent regulations on late fees, but personally, I would avoid charging them unless absolutely necessary.

A good local attorney is usually the most preferable since they're more familiar with the local market and regulations.

Wanted to escape the new regulations Seattle was implementing on landlords and we thought Boise would be better environment.

One question I like to ask when the City gives me an answer about their guidelines and regulations; how is it enforced?

People who refuse to make the capital investment necessary to maintain a decent environment need to find other ways to make money. 

Regulators have also relaxed rules to help consumers.

Get involve in your local market, assist to government events (now they are mostly virtual which is easier to be present) to learn about the projects the government has, new regulations, new highways, new developments approved, etc. 2.

- any advice on local laws / regulations to be aware ofThanks!

So, you will have to get commercial lending anyway since the conforming residential loans are only for, well, residential...No, you don't need a real estate license to invest...With commercial lending, its not really regulated as heavily like residential lending. 

All require a permit/license.I would definitely point you in Arvada's direction, as they've just put updated regulation into place allowing up to three owned properties to be run as short term rentals.