Paperwork, permits, fees?

Question

We're about 2 weeks away from closing on our first SFH rental.  Rental is located (and we live in) Burlington County, NJ.  Trying to get an idea of what permits, paperwork, fees, etc. I need to take care of before we can start renting.  I can't imagine in NJ there isn't some type of form and tax I need to pay before I can rent out the property.  Imagine I need a CO or something?  Looking for all the forgotten information..  Thanks

Stanley Bronstein · Answer

@Eric P.  Some jurisdictions require you, as a landlord, to register your property as a rental and to collect rental tax from the tenant and to send it in to the taxing authority. I have no idea how it's done in your neck of the woods, but you should ask around and check into this.

Eric P. · Answer

Thanks Ed, this is actually an off market purchase from a long time family friend.  They're retiring and just want out without any headaches, $150k value purchased for $97,500.  Roof, A/C, Furnace, Kitchen, Washer & Dryer, all less than 6 years old.  I'm very lucky to an Uncle who is a real estate attorney, so I have that in my pocket as well.  But I'll start reading up more on all the landlord/tenant laws for sure.  I'll be calling my insurance company to look into an umbrella policy as well.

Ed Emmons · Answer

Generally if the previous owner did all repairs and remodels with permits the building will have a CO and that should transfer. Unless your area is different from other areas, you shouldn’t need a permit to rent a property. In your purchase agreement, normally you would require it to be up to code. If not you should have it that way before renting it out. Most important is life safety issues like smoke and CO2 detectors and egress. If you have never rented out before, you will want to familiarize yourself extensively with the landlord/ tenant laws so that all your paperwork is in compliance and screen very well.