Just bought my first rental investment! Asking for tips on next steps...

[Anthony Perrone]

Hi! After 5 months of searching for a deal on LTR investment properties and lots of disappointments, I have locked in my first condo to rent.  I have lots of information on next steps, but does not anyone have a cheat sheet or a resource recommendation on the steps between getting the offer accepting to move in day for the new tenant? I want to make sure I am as thorough as possible with the 1st one and don't pay a big dumb tax.  Thank you, 

[Greg M.]

You bought a condo. Can we assume that you spoke with the HOA and confirmed that rentals are allowed?

1) Learn the laws of the city/state/federal government that cover being a landlord. For example, do you need a lead certificate? Is it rent controlled? Does you need an inspection before renting? Do you need to register the unit with the city? What are ESAs? Your failure to learn the laws can result in destruction of your life as you know it. 

2) Prepare the unit for the marketplace. Steam showers and bidets are great, but not for C class neighborhoods.

3) Set minimum qualifications to rent the unit. This is largely based on the neighborhood. Stick to them. No sob stories or promises. Stick to them. 

4) Get a generic lease and add to it all the things you care about. Pets? Late fees? Lawn care? Holdover tenancy rates? Changing of lightbulbs?