You’re smart to think about keeping good tenant records. This will help you avoid problems should disputes develop later, for example, regarding your handling of repairs or security deposits.
Basically, you’ll want to keep a good trail (paper and electronic) for each tenant, including the following documents:
After a tenant moves in, add these documents to the individual’s file:
There are several property management software programs that allow you to keep track of every aspect of your business, from the tracking of rents to the follow-up on repair requests. Especially if you own many rental properties, these programs are well worth the cost, or you can set up your own database for each tenant with spaces for the following information:
Finally, don’t forget to keep good records of your rental income and expenses for filing taxes when you’re a landlord.