I was actually thinking of buying a condo and turning it into a ski condo share, with 6-10 people sharing a condo/townhome for about 6 months and then potentially using it as a vacation rental during the off-season, as I know there are always people along the Front Range looking for a seasonal rental.  

Is the water turned off?

Landlord pay water??

I can't shut the water off because of the family living there.

In COA's/some HOA's you'll get building insurance, water, cable, common area maintenance, etc.

The difference in fixing them is huge and potentially thousands of dollars different.From your description, it seems you have water damage, in which case I'd remove and replace bad wood and rebuild.Usually you only need to replace subfloor and not structure.

Good Luck, we need another watering hole to warm up in during these frigid days and nights!

Working on a rental all day , I get home to sit and relax , I walk downstairs to throw some wood in the woodstove , and squish squish , water all over the floor .

I come up with the following expenses:Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $129.11Taxes $47.33Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00Insurance $54.92Mgmt Fee $40.00Vacancy $30.00Total Expenses $451.36

I have just one townhouse that's rented out, and my fear is that while I'm on vacation, something like the water heater will give out, or a pipe bursts.