Common sense tips that should not be construed as legal advice. Consult with an attorney for state-specific legal advice.
So, do you need and LLC for a Rental Property? The short answer is no. As with most financial questions, though, the short answer is never adequate.
While it is important to screen your tenants carefully to avoid mishaps and uncomfortable circumstances, you also have to be careful not to break any discrimination laws when conducting your search for the perfect renter.
Your residential lease agreement is the most important document relating to your rental property business. This is the document on which everything else hinges.
Are you giving enough thought to your leases and the other legal documents used in your property rental business? If not, you could be putting your business at risk.
Collecting rents is an important function as a landlord, but that process does not begin on the due date. It actually begins on the day that your tenant completes a rental application.
When you are in the business of renting properties, there naturally comes a time when you must reject an applicant. There can be a number of reasons why you might reject a rental application.