My third year of college I set the goal of buying a place as soon as I graduate.

Doing business in Colorado as a business formed in another state is not the same thing as being licensed to pull permits in Colorado.

I have done my research but cannot find anything that outlines this besides all STR's require an approved permit by the town.

Let them park on the street.4) I'd tear down the garage and build a new unit (finances permitting of course).

The last 5 years was college for us.

The numbers above are construction costs, but they don’t include architectural plans and city permits & plan check fees (approx.. $10,000-$15,000) Studio (0 bedrooms): 300-400 square feet (sf) (most likely a garage conversion):According to MLS info, in the past year, the rental rates of studio units were $1,200 for ADUs in lower-cost areas and up to $2,500 on the high end for ADUs in portions of LA like Venice and West Los Angeles. 

Go directly to the building/zoning/permit office and ask for them to answer that question. 

Other than permitting issues, where certain trades have to be licensed to pull their own  permits (electric,AC, plumbing, etc) your insurance companies will audit you annually to verify your subs have liability and workers compensation….since ultimately you and your insurance company will be on the hook. 

And you don’t have to worry about keeping up your RE license (paying all the fees) while you are still in college.

I plan on starting the build in the new year if the weather permits.