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1. Close & Rehab The Property

After you sign the papers at closing and the property is yours, get started on any repairs or major renovations that need to be done. Remember, YOU are paying for that property until you get a tenant in there.

2. Advertise the Property

Take pictures of your property. Then, list the property either with a realtor or on websites online such as: Craigslist, Rent.com, Trulia, Zillow, local paper, and signage at the property.

3. Show the Property

If you list with a realtor, they will show the property to potential tenants. If you list it yourself, it will be your responsibility to show it. TIP: Schedule your showings back to back so that it saves you travel time and people see that there is a lot of interest in your property.

4. Accept Apps & Run Checks

Renters should complete rental applications and you should do your research on them. Check credit scores, previous landlords, job history, sex offender list, public records – all of these things give you insight into the person that you are renting to.

5. Ratify Your Lease

Meet with your tenant to go over the lease, highlighting important areas together, and sign it – this ratifles the lease.

6. Collect Deposits

Once the lease is ratified, collect security deposits, no more than two months rent, and if applicable pet deposits.

7. Complete a Walk Thru

Using a walk thru list, go through the property discussing and noting issues before you turn the property over to them.

8. Collect Cash Flow

The Best Part – Now you sit back and let your hard work and money work for you!

Check article by Lauchlan Leishman 7 Essential Responsibilities of a Landlord