First rental baby!!!!

[Ernie V.]

Hello everyone,

I just purchased my first rental, which is duplex. I'm going to live in one unit and rent another one.

I have a bunch of questions.

1) Duplex is near college and I believe alot of interest to rent unit will come from college. There is alot of international students as well. I know base rule of thumb rent is 3x times income. What if students don't make that much? Can I ask for parent to cosign? Is there any additional paperwork regarding that?

2) Since we are going to live on another side of the property, should I tell them I'm the "manager" or their landlord? 

3) How to prevent parties?

4) Where would be best areas to advertise besides campus and craigslist?

5) I would like to run Criminal and other backgrounds on potential tenants. Best place/site to do that?

6) Should I have lawyer to draw rent agreement or just use one from file section?

7) What else do I need to have drawn by lawyer?

8) Any other advises that I didn't mentioned here, but should to know.

Thank you so much.