New rental property Baltimore Marlyand

[Lukasz Kownacki]

Good Afternoon BP members,

I am in the process in closing for a new rental buy and hold investment in Dundalk Maryland. It is a two unit and they are both currently occupied. Are there any per cautions that I should take coming in as a new landlord. Any advice on how to make this transition. 

In terms of lead safe inspections, rental license, and rental inspections: how often do they need to be renewed. (3 years) ? Would the original inspection I did before I purchased the house satisfy the rental inspection or would I need a separate one done for rentals? 

Thank You Everyone For Your Time And Advice,

Lukasz

[Mehran K.]

Hey there @Lukasz Kownacki

I'd start with a "New Landlord Welcome Letter". You can do a google search to get some ideas. Here is a pretty decent one that you can edit: Intro Letter

Do you have a copy of the old lease? Is it still in effect? If the current lease is very basic and doesn't cover all your bases, you might want to consider having them sign a new rock-solid lease to protect yourself. 

I'm not sure what rental license and inspections you're referring to though. That may be a local thing and someone from your area may have to chime in on that!