Subletting, Tenant Search/Screening and Leases

[Amaan Hassanali]

Hey all,

So I posted a few months ago and since haven't been as active as I should be in real estate or in these forums as I'd like to be - though I've still been watching the BP podcast (just got to #152 with Brian, Ben and Serge - amazing episode). Anyhoo... I will be taking action (finally) by househacking in a May/June when I move elsewhere. Till then, I'm still on a lease that ends in August, which is why I'm here.

My landlord/property manager allows subletting for a small fee, which I want to do. They need to approve the tenant I bring in (with a sublet form) since as a subletter, I would effectively become a landlord. Since I've only ever been on the other end of an informal sublet, I'm treating this as sort of a mini-experience of what it'll be like if and when I start to buy and hold. That being the case, I wanted to make sure I do things right...

I've familiarized myself with the general subletting process, and I'm now tasked with finding a (n appropriate, approved) tenant and drafting a lease agreement. With that in mind, does anyone who has experience have any advice on how I can get tenants and screen them (eg. What places can/should I search for ideal tenants - I'm already on a related Facebook group? What questions to ask? What's a good security deposit to charge, if any? Do I have to run their social security somehow or do landlords take care of that?), and then how to make an (ironclad) lease (according to our mutual friend, Google, I could easily get a template. But should I change this template to include Connecticut state specific info? Should there be stipulations for insurance for damages and stuff? Does it have to be linked in some way to my original lease, which by the way, is 20 pages long? Do I need a lawyer to look it over?).

For additional context, it's a 1 Bed 1 Bath, I currently pay for utilities on top of rent and I'm hoping to pass those to the tenant(s) who come in. I'm in a school area, so I know it's not uncommon for folks to pull in over the summer for classes,research, etc. I'm also in New Haven, which is right by New York so there could always be commuters.

Maybe I'm overthinking this a little but I want to ensure that I'm prepared. Any advice is much appreciated!

In the meantime, I'm going to clean up this place and make it look presentable, in case of showings?