What key things do first time landlords need to know

[Joanne Hanson]

I’m looking to invest in my first rental property in the next year or two. I’d like to learn a little bit about being a landlord before I do so I’m compliant with laws and tax requirements etc. The rest I’ll probably learn by doing. By what are those key things that a first time landlord should know. I’m based in Minnesota, so not sure if things are different depending on the state? Thanks!

[Nathan Gesner]

@Joanne Hanson My favorite source for a beginner is Every Landlord's Legal Guide by NOLO. It's a big book full of practical advice from marketing, screening, leases, collecting rent, etc. It is written by attorneys and includes the law, not just opinion. It has links to your state laws so you can (and should) read them for yourself but it also includes summaries of important laws like how to handle security deposits or evict tenants for failure to pay rent. It also includes common forms that you can edit and use.

Their web site is a free resource with links to your state law but I highly recommend the book for some of the practical advice they provide.