Relatives as Tenants?

[Sandra May]

Hello. My husband and I are looking to get our feet wet in home rehabbing and land lording. We have extended family in the area many of whom will probably be lifelong renters. We also have two Millennial children who will, knock wood, be out of college and finding their own way in a year. Does anyone have any good stories or cautionary tales about renting to family? Our thoughts are while there might be bumps like late checks, noise complaints we by and large know who were are dealing with and that as far as our own children are concerned, some of the rent they pay will wind up in the family estate. We'd still want to do all paperwork just as we would an unknown tenant who passed our screening tools and make it known that if it comes to it we would still be prepared to evict someone who was a problem.