Having a good lawyer is extremely important and thankfully my company has one as well. 

I think your already being extremely generous allowing rent to be paid on the 10th.  5th of the month is my cut off point and I assess a mandatory $50 fee for paying late.  

For a newbie (no deals), in an extremely competitive market (North Denver) I would need to understand the process of rezoning myself.Where is the best place to start in understanding the re-zoning laws?  

Many are extremely expensive right now and many I looked at wouldn't even cash flow even if you rented both sides with +20% down.

he is extremely talented.

So about a month ago, we sent notices to renew our tenants leases, we received a reply from one of our tenants(married couple, great quiet tenants, always pay on time), she said that her and her husband were struggling in their marriage and were thinking about splitting in August, so wanted to know is they could do a shortened lease and if she could find roommates afterwards cause she wanted to stay either way.Anyway I gave her the Five Love Languages audiobook(my favorite relationship book) and she said she would give it a listen.

Many people forget that this route is available to them at extremely low interest rates.  

I am extremely honored at your offer to team up on a project.

It can be very rewarding and extremely profitable, just use the proper resources to avoid the pain. ;-)

Depending on the location of the property, the numbers seem extremely thin for what can easily be found in the area.