Fort Collins - Getting good tenants/renters, following prop laws

[Logan McConnell]

Hi,

1st

I just realized that July is coming fast.  I am planning on renting out my 4bd 1.75 bath home located 1 mile west from old town and CSU campus.  I am also looking for a new home to bye so I will be getting very busy in the next few months.  I know the home is in a great location and it is in good condition so I don't think that getting renters will be a problem.  I figure the next step is to get a add out on Craig's list and use other rentals on that site for appropriate pricing.  Then weed through the applicants for hopefully a non college older couple who wont trash the place and who will pay the rent.  Then get a lease template from a lease providing website which applies the appropriate Colorado laws?  

From reading the forums and listening to the BP podcasts, it seems that a background check and credit check are important.  Can anyone recommend a simple way to accomplish this (aren't there websites out there that the tenant to pay for the background check/credit score and then that info will be sent to me?).  Mainly, I am new to all of this so a few tips on the whole renting process would be greatly appreciated.

2nd

Do I need to put my home under a llc or any other protections before renting it?  I added an umbrella insurance plan to the home to cover most types of suing but I'm not sure how it works if the house is a rental.

Much Thanks!