Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

I’m not sure of the laws and processes in Canada, but here in Florida if the tenant’s use of the bag damages the floor, then the repair costs may be able to be claimed from their security deposit.

There are 2 complaints on the BBB site they claim have been handled, but it seems like an issue of not taking care of business for many months and then claiming to deal with the issues only after the complaint was made. 

Upon further investigation it seems to me that another one has a quit claim deed from a few years ago that didn't get assessed in the new owner's name. 

We all have the same title insurance company and have individually filed claims.

Thanks@Linda Weiner this is all determined by the "basis" you are claiming on your taxes.

I come from a jurisdiction where you claim can be declined if you fail to show proof of tenant screening documentation especially for property damage by the tenant. 

Never heard about this company before, but they claim to use raw data from Airbnb, and frankly I found them to be more accurate than Airdna.

You have earned income within Georgia and will be responsible for paying state taxes on the income earned within the state.It may also be possible that when you sell the property, that the title company will require withholding done at the time of closing and remit it to the state which you can claim as withholding / tax payment when you file you Georgia non-resident state tax return.Best of luck.

There is a difference in the hit someone's credit takes if they are behind in payments or they are in foreclosure so offering to buy the property before it goes into foreclosure does help the owner to some degree and it is not claiming to help them stay in the house.