First rental questions

[Blake Winiecki]

Hi everyone,

I am new to the process of getting renters into a SFH in Minnesota. Getting a lease drafted by a lawyer seems quite pricy, is it normal to just use a standard residential lease set by the state or should I be getting much more specific? This is my first unit, should I create a LLC? I've heard it's crucial and also have heard it's not needed, especially with umbrella policy. Lastly, is anyone familiar with rent redi and do you suggest it as a good option for helping pre qualify tenants, collecting rent, tracking expenses etc? Any help would be awesome thank you!

[James Hamling]

Quote from @Blake Winiecki:

Hi everyone,

I am new to the process of getting renters into a SFH in Minnesota. Getting a lease drafted by a lawyer seems quite pricy, is it normal to just use a standard residential lease set by the state or should I be getting much more specific? This is my first unit, should I create a LLC? I've heard it's crucial and also have heard it's not needed, especially with umbrella policy. Lastly, is anyone familiar with rent redi and do you suggest it as a good option for helping pre qualify tenants, collecting rent, tracking expenses etc? Any help would be awesome thank you!

You NEED a Property Management company. 

The laws about this stuff are no joke, and ignorance is not a defense, you will get fined and financially suffer if have no clue what your doing, and this states you have no clue what your doing. 

Most templates, probably 99.8%, are going to be void as of 2 days ago. MN enacted massive new sweeping laws on many MANY subjects including a massive revamp of lease requirement's, and listing requirement's. And it comes with big penalties for not being in compliance. 

So, if you don't know, hire someone who does know. 

And than, stay close to the process, ask questions, learn in a safe setting. Than, when ready, and you'll know when your ready and informed, you can take things over if want be. 

But don't just blindly run out and get yourself slaughtered.