Your first-time landlord's companion -- Is owning rental property for you? Great things about being a landlord ; Tough parts of being a landlord ; Cute, cheap, 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 -- So happy together : landlording with family or friends. The pros and cons of landlording together ; Having a compatible co-owner ; How to take title ; Creating a co-ownership agreement -- 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 -- 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 -- Preparing a lease and getting the tenant moved in. Which is better, a lease or a rental agreement? ; Typical provisions in leases and rental agreements ; Signing a lease or rental agreement ; Getting the tenant moved in ; Organizing your rental records -- 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 -- 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 -- 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 -- 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 -- 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 -- 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 -- 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" -- Renting out a room in your home. Is renting a room to a lodger for you? ; Basic steps to renting out a room.