Under contract for our first property!

[Angela Smith]

My husband and I are going to be landlords!  We've chatted about this over the years, but over the last year we resolved to either make a purchase or give up the dream.

We made an offer on our first property yesterday and today it was accepted.  We are both a bit stunned because we felt like we made a very low offer and did not expect it to go through.  So, now while pleased that we got it, we are wondering what comes next.

We own our home, so we understand the process of financing this.  We are putting 20% down and getting a conventional mortgage.  But, we don't have a lease written up, we don't know how to go about screening potential tenants and what standards we need to consider.  How do you run a credit and background check?

Do we need to put this in a LLC, and how would we do that?

How should we collect rent?  

How do we organize the finances for this property?   we will keep an emergency fund available for things that come up, but is expect we should separate this from our personal accounts.

Oh my, I don't want to be in over our heads.  We need an education and we need it quick!