Do not use an online lease.

Spend the money to have a real estate lawyer draw one up for you. Laws are always changing and you need someone that is on top of them. They also need to know various jurisdictional idiosyncrasies. For instance, Aurora, Arapahoe county may be different than Aurora Adams county.

Any errors or omissions will fall on him. It is also much easier to fight for eviction by paying him to do it.

I recommend you open two bank accounts. One for the LLC to receive the payments. Another separate account to hold the deposit in. Remember, the deposit is not your money. You could get into problems by commingling the funds. I recommend against putting their money in an interest bearing account because then you will have to issue them a yearly W-2 and pay them interest accrued.

You definitely want the place owned by a business entity. That way you are one step removed from personal liability, in theory. Once again, a good real estate lawyer will be able to take care of all of this for you. Liability is a huge problem for property owners. You wanna make sure you are as covered as possible because they will attempt to come after you personally.

Denver and Boulder both required rental properties to be licensed with their cities. So that is something else to consider depending on location.

You have to treat it as a business, because that is exactly what it is.