@Dylan Eggers - Commerce City has had insane returns the past 5 years (the house values had doubled) but in 2019, it seemed like the Suncor facility was making people sick, so I agree with Craig about avoiding that area. https://www.thedenverchannel.com/news/local-news/regulators-hit-suncor-energy-oil-refinery-in-commerce-city-with-over-100-air-pollution-violationsThat said, I love Thornton and Westminster.

You should always have a max bid established before the auction starts that you will not go over.

Would this be a state by state regulation or a Federal regulation? 

If we’ve established an understanding of using a 401(k) for a real estate investment, the real thing I’m curious to understand is how a partnership can be structured in such a way where one of the partners, such as myself, is using their 401(k) but the other partner or partners are just using regular funding which they already have and may not necessarily need or want reimbursement?

I need to make clear that I am not providing legal advice, nor establishing an attorney/client relationship with you.

I'd recommend establishing a relationship with a seasoned Investor/Property Manager.

We are in a new build where there is no internet services established.

Government regulation continues to side with renters and is forcing landlords to become creative you know how we protect our investment.

Of course like @Don Spafford says, when you are doing it in a big town like Boise, regulation changes can turn your vacation rental into a long term rental in the blink of an eye.

It's important to go through the negotiation process and establish the correct market rate as best as you can.