Since then there have been many changes to Colorado landlord/tenant laws and as a result, I bought a local attorney's lease (actually a fairly large law firm).

This one was a fun one, with no real major issues, just needed a lot of repair and updating.

@Shyam Subramanyan if you are not a “real estate professional” in the eyes of the IRS, you cannot use added depreciation to offset your W-2 income.

You also should call your local zoning or permitting department to get information on areas you are interested in and how to be a legal STR.I 100% recommend making sure the STR could work as a LTR as well in case you have to pivot ever.

I talked to the owner, he is a Tampa local. 

In my estimation (local utility costs vary as well as temperature) it is about $400 per month on average. 

It’s usually the smaller or local insurance providers that offer the best coverage and rates.

To network and find meet-ups in Northern Austin, consider local real estate investment groups, real estate networking events, conferences and seminars, local real estate agents and brokers, and online forums.

@Armando Carrera research and develop your own typical tenant qualifications so you don’t accidentally violate fair housing, landlord/tenant or local laws on occupancy limits based on bedroom quantity/size required for kids, number of unrelated persons in one house, etc.

@Yi Chu,Another important factor you need to understand is that when an IRA is invested in leveraged real estate (most MF deals are), the portion of the income derived from the leveraged portion of the property will be subject to Unrelated Business Income Tax (or UBIT), which can be offset by using depreciation and other deductions.