Erie could be a great option, especially if you guys are familiar with the market and have family there.

We are looking to purchase a fourplex in the Colorado springs area, for our first property in about a month or so.

Landlords tell themselves it's "guaranteed rent" but that's not true and a lot of the tenants come with "guaranteed entitlement" or "guaranteed turnover costs" that will cost you more than any increased earnings.Some people do very well with Section 8.

My partner and I are looking to invest in a multi-family property in the Seattle area.

Upgraded kitchens, bathrooms, and other items that hadn't been touched for years What was the outcome?

That's where you want your answer. 

I'm thinking about renting the basement room and share the kitchen. my question here is what are some requirements or tips when renting a room 

You are disputing a condo agreement we do not have and we know nothing of your paint and vent beyond what you say.Regarding amending the lease, it can be a simple document you and your tenant sign stating that you are amending the term of the lease to be 2 years, and the tenant has an option to terminate the lease at 1 year.Regarding the bathroom, if it has a tub or shower and no other ventilation, I would go with the vent fan as the root cause.

If I find a property that I am interested in, contact the broker for more information or additional details...What's next? 

I think you'll find that's a unique range and won't have as much competition.