There is no "ah gee I didn't know" when dealing with securities so you need to ensure your covered and your investors are also covered. 

Just ensure there are clear roles and responsibilities.Gary

Another step I would take is to check the register of deeds to ensure the owner didn't take out an outrageous HELOC on the property between 2005-2009.

It's also important to conduct thorough due diligence and analysis on any potential investments to ensure they align with your financial goals and risk tolerance. 

If they have not already been advised of a change in address/account for rent payments and maintenance requests, that should be provided to each tenant at that initial meeting also, although my preference is for the prior owner or PM to send a simple letter of introduction to the tenants to ensure a smooth transition as a first step.

Ensures that you can use the same staging furniture in each house, as the color schemes are the same.In terms of staging, if you're planning to continue flipping houses, I highly recommend buying a set of furniture and just move it from house to house.

Anyway, I'd do whatever is necessary to ensure that you can defend yourself.

I want to ensure that my late fees are within the law (which it doesn't look like there are any for Colorado) and that I am charging the "Norm" for our area.Bill S.Thank you for your response as well; I am just trying to get out in front of this and be prepared for the next tenant.George P.

I just wanted to run this by seasoned investors to understand if townhomes prove a good investment for good cashflow and ensure I am not missing anything

Then the town had to come and inspect the gauge to ensure it holds pressure and THEN the utility company came out and did their own inspection.