Specialized policies, contractor recommendations, tenant screening, lease agreements, utilities, and exit strategies are also important.Good luck!

This is a low-risk way to learn about property management, tenant screening, maintenance, and more.

I'd want to know more information to make a good recommendation, but it sounds like you would have a strong argument if everything else is the same except for location.MP tasksTenant Management:Showing properties, screening applicants, and preparing leasesWelcoming tenants and addressing inquiriesCollecting rent and managing evictionsProperty Maintenance:Cleaning, repairs, and inspectionsAdministrative & Marketing:Supervising staff, purchasing supplies, and promoting rentals (ads and website)

Quote from @Max Wilhite: Welcome to the BiggerPockets community in the tab at the top of your screen it says starting out under that you’ll find a search engine where you can find all listed real estate meet ups in your area.Thank you! 

Additionally for hosts who opt for enhanced screening, the eviction rate is under 2%. 

Hi, As a property manager (based in Chicago), I have to say the screening process is paramount, because its the start of your relationship with various prospects.

The reason for that is I have no idea how bad someone sucks at tenant screening.

@Renee LeFevreTo rent out your basement, follow these steps: check local regulations, prepare the basement with separate entrance, screen potential tenants, draft a lease agreement, set the right rent price, consider tax implications, update homeowner's insurance, and build a positive tenant relationship to attract quality renters.Good Luck!

While you shouldn’t categorize all tenants and it’s the landlords responsibility to properly screen, the tenants who reside in better situated housing and pay higher rents are more financially responsible meaning lower rate of rent loss and will generally take better care of the property which combined will result in less time allocated towards management functions if self-performed or more favorable management fee structures if 3rd party management companies are utilized (which ties back to #1, as well).

The only challenges you haven't mentioned is advertising for roommates, screening them and where to get a lease.