EMOTIONS RUN HIGH and this is why a court-appointed official called a Bailiff will go out to the home and remove the tenant from the premises and Not YOU! 

If its like it is here in Pennsylvania you will need to have a real estate license and an official office and Broker of record. if this post was helpful please give me a vote and again I wish you all the best.

2) Regulation/Bureaucracy - How do the local governmental officials feel about the property?

I think for now she will keep investing in the 401(k) until we are officially licensed and working agents.

The city officials and the Building Code was created to ensure safety.

Have your friend get the official POF, or work with a real estate agent that knows the two of you really well.

I own three duplexes in San Antonio and all of them have two mailing addresses (2 different street numbers) but bexar county only recognizes the "official" one that it was platted under. 

My story of reaching financial freedom here: https://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-day

I believe that in CO you have to have a real estate license to be able to manage property officially.

Thought I would post this to make it official and "hold my feet to the fire" or some other applicable cliche.