Happy Sunday All,Recently I found a couple properties within 10 minutes of the local university that could be ideal for renting to students during winter and summer sessions.I am looking around for the potential pitfalls in this way of thinking and maybe some advise from seasoned renters on how to handle the soliciting of tenants and seasonal leases etc.Currently I own zero properties and am truly interested in residential single and multi family homes for long term cash flow and generational trusts.I know this is a pretty generic post, but I hope to start a conversation with a few pitfalls and possibilities and grow it from there.  

Clean one, put some generic bright paint, lighting and be prepared to rip it all out..

Generic blanketed advice is good for no one.

Quickbooks is a generic software, but if it's set up right along with your accounting process, then you will appreciate more.

I know it's pretty generic, but still something I want to figure out.I already run a rental business, mostly low end property in my section of Ohio, however we do have plenty of properties in nicer areas.

The Nolo landlord book that was my bible, said that it's better to have a larger generic security deposit, than to separate out any deposit money specifically for pet damage - so you don't have to deal with what's what.

The one I found seemed generic.

I found last year's payment standard chart for Racine County:http://www.rcha.org/Portals/TheHARC.org/Documents/...And Kenosha:http://housingauthority.kenosha.org/rentallowance....Not sure if that's too generic for your market, but it can be a handy guide, for future reference.

Normally, that only applies if you don't take possession of the property, and don't rent it to someone else.Lots of laws here you need to learn, and not easily answered in a generic fashion without knowing the details of your lease or the city/state the property is in.Bottom line, though, if I was you and didn't know all the laws or had the time to learn them, I'd just keep the deposit and tell the tenant they are not entitled to a refund, but they are welcome to sue you and see what the judge says.Then, if they actually sue you, you show up, show the judge the photos, etc.  

Don’t just gloss over the ad, using generic words to describe your property.Use Data To:Acquiring, understanding and using data will almost guarantee you a quick sale.