First time landlord!

[Inbar S.]

Hello wonderful community! We would like to put our current apartment up for rent. Can anyone direct me toward any resources on how to start this process? Meaning, should I set up an LLC? What are some good sites for background checks? Templates for rent contract in Florida? Thank you so much in advance, looking forward to starting my real estate investment journey!

[Yael Lederman]

@Inbar S. congrats on getting started with your first apartment. It can be overwhelming to start, so hopefully some of these tips are helpful. In no particular order:

1. - Use online rental management software. Examples include Cozy, Rentec Direct, and Buildium. These tools can help you automate rent payments, handle maintenance requests, and keep track of important deadlines.
2. - Use tenant screening services. Examples include MyRental, RentPrep, and TransUnion SmartMove. Not only are these good for background checks, but they also help you verify credit history, employment status, etc. 
3. - Get a good real estate attorney. You will have questions and you never know what might come up. Examples of online legal services that offer access to real estate attorneys include LegalZoom and Rocket Lawyer. But there are obviously tons of local options which I'd recommend over online services.
4. - Look for landlord associations. Examples of national associations include the National Apartment Association (NAA) and the National Association of Residential Property Managers (NARPM). There are also local options. These associations provide resources and support to landlords, including legal resources, networking opportunities, and educational resources.
5. - Get a great property manager. It's hard to find great ones, but you'll be grateful once you do.
6. - Use the IRS website (irs.gov) for reference. The IRS website provides information on tax laws related to rental income, including depreciation and deductions you may be eligible for. Landlords can access this information at irs.gov.
7. - Use landlord-tenant laws websites for reference. Websites such as landlordology.com and nolo.com provide information on landlord-tenant laws in each state. 
8. - Leverage home warranty services. Examples include American Home Shield, Choice Home Warranty, and First American Home Warranty. These services can cover the cost of repairs or replacement of major systems.