How do I start up a rental property?

Answer by  mammakat (11147)

Please consult an attorney or a realtor. You can get over your head and tenants can really take you for a ride. You need to know your tax obligation, your duties and rights as an owner,and you really NEED to have an ironclad rental agreement that is within the law.

Answer by  withluck (1745)

Assuming you already have a property to rent, you will need to get a lease and applications for rent paperwork. Check the lease you plan on using very carefully. You can obtain a lease from your local board of realtors, from an attorney, or from an office supply store.

Answer by  jtalone (105)

First, make sure the property is viable for someone to live in. Second, place an ad in a newspaper or online directory advertising the property. You need to write up a rental agreement and place some restrictions on use of the property. Make sure you do not lose money on the property - set the rent so it is profitable.

Answer by  tamarawilhite (17883)

You buy a property. Then get a rental permit, if that is required in your city. Then you can look for tenants to move in. Have pre-written rental contracts that have been reviewed by an attorney for legal compliance before you have anyone sign it.