First Time Landlord - Renting out 1st Floor Unit

[Jonathan Umana]

Hello, I am a new member of the forum.

A brief background is provided. I reside in Massachusetts and have recently taken on the role of landlord for my parents' house as they have aged. The first-floor unit was consistently rented at a low rate to my family members to provide assistance. Fortunately, they have acquired a house, and now we can rent the first floor at market price.

As I begin this new journey, I would like to ask some questions that I hope more experienced landlords and investors can answer. The first floor features a two-bedroom apartment complete with a living room and a bathroom. The basement has consistently been linked to the first floor, which features an extra bathroom, a living room, and a spacious office. I am considering converting the basement by installing an egress window, which would cost around $7,000, and adding wired smoke alarms. This would allow me to create an additional bedroom and potentially live in the basement while sub-leasing the first floor. I am inclined to this option as it would allow me to return home to assist my parents and save money while pursuing my law degree.

- Does anyone think this is a sound idea? I recognize that this is a matter of personal opinion, but I am particularly interested in exploring the concepts of lease and sub-lease.
- What measures can landlords take to ensure protection while renting, and what steps should be considered prior to seeking a tenant?
-Should I consider hiring a realtor for assistance? Can I manage this myself to save on expenses?

I appreciate your assistance and I'm pleased to be a part of this community.

Sincerely,
Jonathan