First-time landlord? Learn landlording fundamentals in this primer.

The declining U.S. economy has forced many homeowners to make tough decisions about their property. If you're one of the millions of Americans affected by the credit crisis, struggling to make your mortgage payments, and are considering renting out your home to make ends meet, you'll need to learn the basics of being a landlord.

Let First-Time Landlord show you how to start your landlording business and maintain it in your spare time. Get the concise information you need to start making money with a single-family home, written for property owners with little business savvy -- and even less time and patience. Learn how to rent out your property lawfully and safely with valuable information on:

• how to determine whether or not the property will turn a profit
• landlord business basics
• finding the right tenants
• preparing and signing the lease
• handling repairs
• complying with your state's rental laws
• dealing with problem tenants, and
• preparing for sale of the property.

From timely tips to true stories from successful landlords, First-Time Landlord is an indispensible book for property owners who want to rent out a single-family home without the hassle -- quickly, efficiently and legally.

Your First-Time Landlord’s Companion

1. Is Owning Rental Property for You?

• Great Things About Being a Landlord
• Tough Parts of Being a Landlord
• Cute, Cheap, and More: Features of the Ideal Rental Property
• Thinking About Buying an Investment Property?
• What Will Your Monthly Profit Be?
• What Will Your Long-Term Gain Be?
• Setting Your Goals

2. So Happy Together: Landlording With Family or Friends

• The Pros and Cons of Landlording Together
• Having a Compatible Co-Owner
• How to Take Title
• Creating a Co-Ownership Agreement

3. Preparing and Marketing Your Rental Property

• Make Sure Everything Is Up to Code
• Should You Make Major Repairs or Improvements?
• Prepare the Rental for an Attractive Showing
• Set the Rent and Other Important Terms
• Get to Know the Neighbors
• Come on Down! Advertising Your House for Rent
• How to Show Your Property
• Pardon Those People: Renting Property That’s Still Occupied

4. Screening and Choosing Good Tenants

• Creating a Rental Application
• Check References and Run a Credit Report
• Avoiding Illegal Discrimination
• Is This the One? Characteristics of the Perfect Tenant
• Whom to Reject

5. Preparing a Lease and Getting the Tenant Moved In

• Which Is Better, a Lease or a Rental Agreement?
• Typical Provisions in Leases and Rental Agreements
• Signing a Lease or Rental Agreement
• Getting the Tenant Moved In
• Organizing Your Rental Records

6. Manage Your Rental Income to Maximize Tax Deductions

• Keeping Your Business Finances Separate
• Shielding Yourself From Liability for Business Debts
• Spent a Lot of Money? Take More Tax Deductions!
• Proving What You’ve Spent: Record Keeping
• Are You Rich Yet? Tracking Income and Expenses
• How Much Cash to Keep in Reserve
• What to Do When Expenses Exceed Income
• Finding Professionals to Help You

7. Keeping Things Shipshape: Repairs and Maintenance

• Dealing With the Legalities: Your Repair and Maintenance Obligations
• Adopting a Good Maintenance and Repair System
• No Thanks! Hiring Someone Else to do the Work

8. Landlord Liability for Injuries, Crimes, and More

• Ouch, That Smarts: Liability for Tenant Injuries
• Liability for Environmental Health Hazards
• Keeping Tenants Safe: Liability for Crime
• Insurance Coverage for Property and Liability

9. Living in Perfect Harmony? Dealing With Difficult Tenants

• Common Tenant Problems – And What to Do About Them
• Resolving Disputes
• When All Else Fails: Terminations and Evictions

10. Don’t Want to Do It Alone? Hiring a Property Manager

• What a Professional Property Manager Does
• Is Property Management Right For You?
• How to Find the Best Property Manager
• Put It in Writing: Drafting An Agreement With Your Property Manager

11. Ready to Quit? Exiting the Rental Property Business

• What’s the Driving Force? Identifying Your Exit Plan Objectives
• What Are Your Options? Exploring Opportunities
• What Rights Does the Tenant Have If You Sell?
• If You Decide to Sell: Getting Ready

Index

Here are summaries of important legal or procedural changes that affect the latest edition of this product.