Transitioning from Homeowner to Landlord

[Hilary Stalder]

Hey BP Community!

I'm a RE investor in Orlando area. My husband and I bought a duplex last year, rehabbed it extensively, househacked and now at 1 year of ownership, we're about to move on to the next investment. That means: finding tenants to take our place. I'm curious what advise other long term hold investors, specifically with more experience than us, have about transitioning from live-in homeowner to landlord? 

Our current renters on the other side of the duplex are actually friends of ours (we got lucky) and it DIDN'T turn out terrible. They're fabulous renters and luckily still great friends. We rarely/never have to reference our lease. This new chapter in our real-estate investment journey will likely mean we're renting to strangers. On top of us wanting great renters for our property, we also want our friends-turned-tenants to have great neighbors. 

What is some good advise people have about screening/finding tenants? Lease terms? Any other stories or bad/good experiences we can learn from would be great! Like I said we're in Central Florida area, so any local investor advise would be especially appreciated, specifically if there are any state specifics we should be privy to. 

Thanks!

-Hilary