I would be coming up with a new plan :)But if I was back in the day where it was just me (and I wasn't as spoiled as I am now with running water/TV/Internet and electricity, I'd have a cot up in a room with an extension cord running a fan so I could sleep.So it all depends on your comfort level.

But at this price point, you’d expect a different tenant base with much higher levels of stability and commitment ability.

Age is not the right question to be asking in my opinion, knowledge, financial stability, and comfort level with a given strategy are far more important.I would love to get your thoughts on this and read your article when you're done.

I am in the 25% Fed tax bracketWill there be capital gain taxes at both Fed and state level?

I know there are smoke and CO detectors on the main floor, I don't think there is anything upstairs. 

@Roger Beaman Everyone has a different definition see below.I guess my point is the higher end the property and clientele the higher level of service that is expected and should be provided so that they renew their lease.

And last, you won't be able to co-mingle your personal funds into the property.Happy InvestingDerek Dombeck

I'm looking to get my Independent Broker's license here in Colorado.

Depending on the context of the parties' financial situations and intentions, there may be implications for financing, ownership, accounting, and taxes depending on whether you are co-borrowers or one of you takes out a loan and the other provides down payment or some other financial contribution.

We’ve had to take over a lot of crazy situations since we have so many turn key operators of varying levels of ethics in our market.