First-time Landlord : Your Guide to Renting Out a Single-family Home.

Cover
Title Page
Table of Contents
Introduction: Your First-Time Landlord’s Companion
1: Will Landlording Bring You Money and Happiness?
	Great Things About Being a Landlord
	Tough Parts of Being a Landlord
	Location, Price, and More: Features of the Ideal Rental Property
	Thinking About Buying an Investment Property?
	Buying a Foreclosed Property
	What Will Your Monthly Profit Be?
	What Will Your Long-Term Gain Be?
	Setting Your Goals
2: So Happy Together: Landlording With Family or Friends
	The Pros and Cons of Co-Owning Rental Property
	Having a Compatible Co-Owner
	How to Take Title
	Creating a Co-Ownership Agreement
3: Preparing and Marketing Your Rental Property
	Make Sure Everything Is Up to Code
	Should You Make Major Repairs or Improvements?
	Prepare the Rental for an Attractive Showing
	Set the Rent and Other Important Terms
	Get to Know the Neighbors
	Come on Down! Advertising Your House for Rent
	How to Show Your Property
	Pardon Those People: Renting Property That’s Still Occupied
4: Screening and Choosing Good Tenants
	Creating a Rental Application
	Check References and Run a Credit Report
	Avoiding Illegal Discrimination
	Is This the One? Characteristics of the Perfect Tenant
	Whom to Reject
5: Preparing a Lease and Getting the Tenant Moved In
	Which Is Better, a Lease or a Rental Agreement?
	State Laws to Know When Preparing a Lease or Rental Agreement
	Typical Provisions in Leases and Rental Agreements
	Signing a Lease or Rental Agreement
	Getting the Tenant Moved In
	Organizing Your Rental Records
6: Manage Your Rental Income to Maximize Tax Deductions
	Keeping Your Business Finances Separate
	Shielding Yourself From Liability for Business Debts
	Spent a Lot of Money? Take More Tax Deductions!
	Proving What You’ve Spent: Record Keeping
	Are You Rich Yet? Tracking Income and Expenses
	How Much Cash to Keep in Reserve
	What to Do When Expenses Exceed Income
	Finding Professionals to Help You
7: Keeping Things Shipshape: Repairs and Maintenance
	Dealing With the Legalities: Your Repair and Maintenance Obligations
	Adopting a Good Maintenance and Repair System
	No Thanks! Hiring Someone Else to Do the Work
8: Landlord Liability for Injuries, Crimes, and More
	Ouch, That Smarts: Liability for Tenant Injuries
	Liability for Environmental Health Hazards
	Keeping Tenants Safe: Liability for Crime
	Insurance Coverage for Property and Liability
9: Living in Perfect Harmony? Dealing With Difficult Tenants
	Common Tenant Problems—And What to Do About Them
	Resolving Disputes
	When All Else Fails: Terminations and Evictions
10: Don’t Want to Do It Alone? Hiring a Property Manager
	What a Professional Property Manager Does
	Should You Hire a Property Manager?
	How to Find the Best Property Manager
	Put It in Writing: Drafting an Agreement With Your Property Manager
11: Ready to Quit? Exiting the Rental Property Business
	What’s the Driving Force? Identifying Your Exit Plan Objectives
	What Are Your Options? Exploring Opportunities
	What Rights Does the Tenant Have If You Sell?
	If You Decide to Sell: Getting Ready
12: A Slower Exit: Rent-to-Own Arrangements
	Advantages and Disadvantages of Rent to Own
	The Option Price
	Sale Price of the House
	When the Tenant Must Exercise the Option
	Seller Financing and the Tenant’s Rent-Paying History
	How Will the Tenant Notify You?
	Tenant Improvements and Rent
	“Right of Refusal” and “Right of Offer”
	Get Legal Advice
13: Renting Out a Room in Your Home
	Is Renting a Room to a Lodger for You?
	Basic Steps to Renting Out a Room
Index
Book Registration and Updates