It does take some training though, which we provide.

@Soup NikkI am in The wrong type of syndication as a GP.As an LP who also invests with find those fees to be very high and many are front loaded so the GP has little to no risk (even having fees to guarantee the loan…) you are taking on all the risk and the upside to me is not worth that risk.

Are there things I should be looking for other than the cut they take?

This is specifically what the Colorado nonresident statement is addressing.Colorado is one of the few states which explicitly mention this in their instructions.When you receive a state K-1 which reports positive income for a state, this doesn't take into account prior passive losses as it is up to the taxpayer to allocate income/loss to the specific state on the state tax return.

I'll take this into consideration.

They’re all so booked out it might take 2 years to book with the top ones.

So I have 4 hot tubs and my cleaners take care of the hot tub so it is included in their price.  

Conversely, I also know people who find communicating with guests and cleaners to be incredibly draining, they don't know the first thing about managing an STR nor does it particularly interest them, and they would rather spend their time making money in their main job rather than taking on a side hustle that they may not be able to do as effectively.

But it's expensive and takes meticulousness to make sure all of your records that could be made public are consistent.  

A more general observation on this topic, intended for you and any future readers - find out from the agency that has control over this area exactly what it takes to LOSE grandfathered status.