@Kashta Andrade Booker I recommend moving forward that the specific city or area you plan to invest in out-of-state.

First, consult with a lawyer about your specific situation, and all parties involved.

Its a Colorado-specific situation, I guess I should have been more specific:Portable tenant screening reports (PTSR) pursuant to HB23-1099 § 38-12-902(2.5).(2.5) "PORTABLE TENANT SCREENING REPORT" OR "SCREENINGREPORT" MEANS A CONSUMER REPORT PREPARED AT THE REQUEST ANDEXPENSE OF A PROSPECTIVE TENANT BY A CONSUMER REPORTING AGENCY,WHICH REPORT INCLUDES THE FOLLOWING INFORMATION ABOUT APROSPECTIVE TENANT AND THE DATE THROUGH WHICH THE INFORMATIONCONTAINED IN THE REPORT IS CURRENT:(a) NAME;(b) CONTACT INFORMATION;(c) VERIFICATION OF EMPLOYMENT AND INCOME;(d) LAST-KNOWN ADDRESS;(e) FOR EACH JURISDICTION INDICATED IN THE CONSUMER REPORT.....Link to the full Bill

Screen potential tenants thoroughly with applications, background checks, credit checks, employment verification, and reference checks.When screening potential tenants, it is important to use industry-standard forms and reliable screening services to ensure compliance with fair housing laws.

We are interested in a specific property where we would live part-time and sublease it part time especially during track season.

Work with a real estate agent Make sure to thoroughly check out potential properties by conducting inspections, condition assessments, financial analysis, and reviewing zoning regulations.

And the ability to continue to harvest depreciation over the years with an extremely durable asset is key.Last thing that didn't get mentioned specifically I don't think is the "tide effect" of inflation. 

If the building ever gets a $25 summons ticket from Sanitation (it happened once) we then bill it to the tenants in equal share. (1/3 each for a 3 family) and send a sternly-worded email.Re: Legal obligations - I know of no "legal" obligations to curb the trash on behalf of the Tenants that would supercede what was specifically agreed to in the Lease.  

According to passive activity loss rules, every business is obligated to adhere to specific criteria, especially when it comes to short-term rentals.

-Submarket - the specific area in the city will have a big influence.