Keeping rent near market rent is a primary role of the PM.  

Purchase price: $370,000 Cash invested: $40,000 Primary residence.

Cash flow may not be great in the first couple of years so it depends on what your goals are.

Depending on your goals for the property and how much underwriting you want to be subjected to - your options are broadly as follows. 1) If the property is habitable and just needs some updates and minor repairs and you would like to keep it as a rental - conforming loans will be the cheapest rate and fees, require full underwriting on you, and your income will be considered to buy the property - think DTI ratio. 2) If the property is not habitable that leaves you with something like a hard money loan or private loan - which are normally short term debt.

Home Equity Line of Credit (HELOC): My spouse and I own our primary residence outright (no mortgage) and have spoken to a banker at PNC.

At the time the market there made sense for my goals.

It’s been a great market compared to all the other markets I invest in, which’s are none LOL.All depends on what your goals are.

At this point I think you need to wait 6 months before asking him for money from his retirement account if the goal is to pay as little tax as possible. 

Does anyone have a current lease agreement that is specific to Colorado and will work for renting a furnished room in primary residence?

My day job is being a travel Respiratory Therapist which I enjoy but my goal is to only do it full time for 10 years, then maybe go PRN.