Under Denver's Airbnb laws, those would be treated the same as any other kind of rental on the property where you live (whether that's a different kind of basement apartment/mother-in-law suite, a carriage house, or just a room rental STR).

You'll never learn to swim if you don't get in the water. 

Thus, any homes purchased that are built before 1996 you would have to bring up to code (IE impact windows, accessibility; Joint Building Fire; Code Administration/Enforcement; Electrical; Energy; Mechanical; Plumbing and Fuel Gas; Roofing; Swimming Pool; and Special Occupancy).

We just purchased a rental (1950's raised bungalow) and assumed the tenants in three suites.

However, the important distinction in that case was that "The tenants of these units had full use of the facilities on the first floor and the second floor, except for petitioners' private bedroom suite.

Our principal property (the one that has the basement suite) has a HELOC of well over $200,000 if we need to access cash quickly.

(Fixers will be better suited for the checkbook, and turnkey would be better with the traditional SDIRA)

BTW landlord suits are pretty uncommon.

You can always suggest to the tenant that her and her mom find a place that is better suited for the two of them merging their houses as your place isn't approved for section 8.

This becomes key to not only executing a business plan but projecting a total return on investment.Quite a lot of options out there for models, simply find one suited to your asset class and business plan.