"Company Policy" items

[Eric Pocker]

I am in the early stages of developing my business model/strategy and basic structure of the business. I plan to buy and hold multi family properties long term for steady cash flow and equity building. My specific question to the forum is about having a formal "Company Policy" document that tenants would sign as part of the application process. What are some "must have" items and situations that should be included on this type document? Things that I am considering are pets, smoking, late fees for overdue rent, and modification of any kind to the property. Thanks for any input! EricP

[Mehran K.]

The items you're considering will all be in your lease. That's where you lay out the ground rules between you and the tenants. Look up some sample Lease Agreements for your City/State to get a feel for what is generally there.