First Apartment listed for rent

[Brandon Hall]

Hello everyone, I just recently listed my first apartment for rent (1 of 2 coming online shortly). This will be my first BRRRR deal ( I sold a flip last year and have also done several wholesales). I have been involved in rentals in the past but mostly in the numbers side of them. I have dealt with tenants in both this property and my flip and sadly have experience doing evictions. I am making this post looking for general assistance on the topic of renting. While I have listened "Landlording on Autopilot" and "The Book on Managing Rental Properties", I don't have actual experience.

Here are a few of my questions

1. General timeline for things. Do this, then that, then that, etc.?

-I have the apartment listed for rent starting April 1st, I have multiple listed open house dates and plan on handing out applications at this open house, as well as sending them through whatever form of email/message necessary. I plan on using the application listed in Brandon Turners book listed above, and adding any questions I see fit while keeping in mind Fair Housing to the best of my ability. So far my apartment has been listed for about 1 day and I have received ~11 inquiries a few Zillow apps and lots of people that want to come to the open house. 

So lets assume a few people from the open house want to apply, they fill out my application which states if the application is approved a background check will be done at the cost of the tenant. From there if there is a qualified applicant who has at least 2.5 times the rent in income, a good background and references what exactly happens? 

From my understanding I notify each non accepted applicant, specifically any that failed my background check with a form from the FCRA, and notify the accepted applicant. The accepted applicant then would sign my lease, be given any other necessary docs, and pay me in either cashiers check or other verified source for first months rent and security deposit? They would then be allowed to move in on April 1st (or a predetermined date) and be given the keys to the apartment?

2. Any common mistakes made by first time rental property investors?

3. Anything I should 100% include either in my lease (I did have my lawyer send me his) or my application?

4. Any common mistakes that lead to housing violations or anything I should avoid?

5. Anything else anyone wants to share?