You could be in violation with State law to the point where your entire lease is void.

Our SDIRA is actually the partner, so we need to make sure to not violate any IRS laws.

It sounds like you’re doing all the right homework before jumping in, which already puts you ahead.Managing a place a few hours away is definitely doable as long as you build a strong local team—your cleaner and handyman matter more than your proximity.

Join a local real estate, investors association or landlord group.

This requires deep local expertise.

Unfortunately with the wacky laws and regulations the city makes it very tough for success long term.

You can find something local, house hack something that can cash flow.

I could write a contract, but I know nothing of the local conditions. 

Hey all, anyone here in the Colorado Springs or surrounding area and have experience doing land deals?

I think enforcing the existing laws should always be the first step.