Landlord discussion and questions

[Armani Emon]

So, 

I really just want to come here to see if you guys can help me minimize surprises when becoming a new landlord.

I would hate for the home to be repossessed, or have any laws broken so I am trying to bulletproof my plan.

I have considered

1) Screening for a good tenant and possibly a property manager

2) Putting away money for repairs and surprises

3) Looking at the tenant-landlord laws in my area

4)Creating leases and collecting rent

5)Thinking about the property, city, and state tax

Am I missing anything else? Also If I was to buy out a home and just rent it out since the home is mine I can do as I please with it correct?

[Brian Van Pelt]

@Armani Emon

No plan is ever Bullet Proof - expect problems, learn to be flexible

1) Screening for a good tenant and possibly a property manager
. Always a good idea

2) Putting away money for repairs and surprises
. Yes I personally keep 4 months of reserves for each property. That's my comfort zone

3) Looking at the tenant-landlord laws in my area
. Another good idea

4)Creating leases and collecting rent
. Bad idea creating a lease use current Boiler plate leases for your state/county.
. Collecting rent is a good idea, you will be amazed at what it does for your cash flow.

5)Thinking about the property, city, and state tax
. don't just think about them, actually pay them

Am I missing anything else?
. Yes, you need to actually buy a property 

Also If I was to buy out a home and just rent it out since the home is mine I can do as I please with it correct?
. No, and I cannot emphasise this enough you CANNOT do as you pleae.