So, Mr. Roper, you think you found the perfect rental property, huh? And this is your first one too? Congratulations! You’ve realized that real estate is a great investment, especially long term, and if you played your cards right, you may be able to generate positive cash flow each month. Let’s take a moment review a checklist of items you need to consider for your newly acquired rental, and before you know it, you’ll be on your way to the joys of property management:

• Draw up a lease that protects you and your property.
• Get to know the people in the neighborhood. Exchange phone numbers if possible.
• Do a credit and background check on all your applicants.
• Determine where you want to receive the rental payments.
• Make sure you know the condition and state of all major appliances. Be prepared for repairs.
• Make sure you know the condition and state of interior and exterior structures. Are the pipes old? How old is the roof? Set funds aside if needed.
• Set a schedule for annual maintenance and don’t forget about it! Neglecting general maintenance can have expensive repercussions.
• Get a market analysis report from a local real estate agent to help set your rental price.
• Do a pre-move-in walk-through with your renters and include photographs.
• Know the eviction process in the property’s jurisdiction.

A lease is a legal contract and your best bet is to consult with a real estate attorney for advice about terms you can include in your rental agreement.

These are just a few items to consider, but you’re smart, you’ll do well! Good luck and happy landlording!

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