Hello BP,Wanted to share the success story of Brad Dubis most recent rent by the room House Hack (HH#2) purchase in Colorado Springs.Investment Info5 bdrm/3 bth SFH in Colorado Springs, CO.

My 3 properties are LTR with one multi-unit owned with co-investors.

25% for flood when creek rises, fire, non paying tenant, roof repairs, tree falls on duplex and insurance deductible is $2500, tenant puts toy down toilet and clogs main line, dog which you did not allow bites someone, disposal stops working, property manager 10%, property taxes increase because they see you did rehab or you changed the title, noise fine as tenant decides to become a drummer, trash bill, ants or vermin and you have to hire a exterminator, mold claim, planning department inspection fail, city fee as business, legal fees, CPA fees, insurance goes up, Imperial Beach business license and landlord permit/ annual fire safety inspection/gas co inspection $1500+, heaven forbit the Coastal Commission says you dumped foul water, to name a few

We used a conventional loan with a co-signer.

- An easy way to buy your co-owner out it to do a cash out refi.

Ask a family member that trusts / knows  you to co-sign with you on the deal and cut them in or buy them out on terms that make sense for their level of participation. 

You need to hire a PM co. in your area.

I hope this helps...When I first started investing I lived in and desired to invest in Boulder, CO. 

A title co has never 'laughed at me' because they are there just to facilitate my assignment. 

lived in WA my first 30 years of life now am in Colorado!