Residential Apartment Management

[Alex Geer]

RE: Apartment rental management

Due to the passing of a family member, I have come to own a single unit apartment building in a college town. Because other assets of the estate were so large, other family members do not feel pressured to sell the unit, and have agreed that continued ownership makes a lot of sense as long as it does not become perpetually cash flow negative.

I was wondering what resources there are for a first time landlord regarding the steps to take to actually rent a unit to tenants. Specifically, anything beyond the obvious...inspections, special purpose LLCs, proper lease writing, etc. I just wanted to see if anyone here had success with a particular book or guide before I invest the time in "Property Management for Dummies."

Again, to provide full disclosure, nobody expects this apartment to become a cash cow, but we'd prefer to maintain ownership without losing money. Many of us have cherished memories of football games and tailgates at the unit, and we would like to keep it in the family should we one day decide not to rent it out and use it for weekends during the football season.

Thanks so much for any assistance and insight! I have really enjoyed listening to the podcasts and learning more about this industry.