Must-haves in lease agreements?

[Natali Cobb]

I am getting ready to purchase my first rental property, and am going through the process of what I want my leases to look like. I've heard so many horror stories, and know I am bound to have some myself, but what are some things that can prevent disaster by including in your lease agreement? I will of course also have an attorney approve and give feedback as well. TIA!

[Nicholas L.]

@Natali Cobb

is this a house hack?  or a stand-alone rental?

[Natali Cobb]

@Nicholas L. this will be a house hack, 2-3 unit

[Gregory Schwartz]

Lease provisions can vary significantly from state to state. For example, the laws in Texas allow me to include specific provisions in my leases that might not be legal in states like New York.

One such provision I enforce is that once a tenant gives notice of non-renewal, I can immediately begin showing the property to prospective renters.

Because its so state-specific I would reach out to a NY landlord, agent or property manger for more geographically specific advice. 

[Michele Fischer]

Make your expectations clear and simple.

Two clauses I really like after having issues with couples breaking up or singles disappearing:

In the event that Tenants decide they no longer want to live together, ___________ will be considered the primary Tenant to make decisions about modifying or terminating tenancy. Deposits will not be returned (full or partial) until all tenants move out.

In the event of abandonment, arrest or death, the following person has the authority to decide when to terminate tenancy and how to store/distribute my belongings:

Name: ____________________________________________________

Address: ____________________________________________________

Phone #: ____________________________________________________

[Russell Brazil]

The rent amount.