Bought my first rental property, Need some advise!

[Carlos Juarbe]

I just bought my first condo and I’m getting it ready to list for rent.

This is my current game plan:

1. 1. Open an Ally regular checking account just for that one property. (Deposit rent & pay for expenses)
2. 2. Use Zillow Rental Manager (Free for 1st listing) to list and screen the tenant.
3. 3. Get insurance for the condo

Where would be a good place to find a good rental agreement template or maybe start with Zillow’s templates?

Is it that simple or do I need to think about LLCs, Business accounts, ETC?

Any help will be appreciated.

Thanks!!!

[Chris Davidson]

@Carlos Juarbe it can be that simple. If you plan on making it into a business and not just a side gig I would treat it like a business. LLC's cost money, but if you are planning on going that route the sooner you start it the more history it will have.

Personally, I have never used Zillow's rental manager. But check out a few of the other's cozy, TenantCloud, and RentRedi. 

I think the separating of accounts is smart even if just planning to keep it small will help when tax time comes.

Best of luck way to get started!