The two best tips I have learned.
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Don't rent to family or friends! It just invites awkward and unnecessary problems. Also they seem to feel like on time and full payments are optional.
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Charge a premium and or invest in "better" property's and skip the slum lord route. There are plenty of people looking to rent a house and more all the time with the current foreclosure rates.
I have been involved in the rental business since I was eight or nine years old, My folks have had many rentals and they still continue to be my problem. I have seen some of the grossest nasty things you could imagine (including a suicide) in a rental.....It can be tough.
With decent planning it can be a very lucrative proposition though.
As a side note....with all I have seen I still am trying to purchase another property.....
