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As a long-distance landlord for nine years, this is what I’ve learned:
• Expenses – Can you make enough rent to cover mortgage and property taxes as well as maintenance/repair issues?
• Prequalification – Find a good service to check/screen potential tenants (avoidance is better than buying trouble). Hint: Applicants pay the fee for the screening, which can be applied to the first month’s rent.
• Expectations – Tenants are tenants, not owners. Other than what is spelled out in the lease, they won’t care for your home as much as you do. Landscaping, cleanliness, maintenance – expect nothing.
• Always require a significant pet deposit – trust me.
– Jeff Harry, Contributor