New to Landlording

[Matt Meyer]

Good morning everyone, I wanted to post asking a few questions and try to prepare myself for what I'm about to get into.

Little back story, we have purchased 5 acres of land with a small two story house that has been completely updated back in 2017-2018. Previous owner had it rented for a short term and then the house set vacant for many years. We would like to rent the property for long term and get some good ideas and planning done ahead before we lease. 

So far we have contacted a realtor to help with drawing up a contract and she will screen tenants before they are allowed to tour the property. She did point out a few things that need to be taken care of/replaced before we get to the point. The plan is to have the house 100% ready before we list. 

Questions for the landlord pros? Are we on the right track so far? What would yall do or what is y'all's checklist before you lease? Also, what steps do yall take to protect yourself legally? Thanks and I hope I posted in the right section! 

[Gustavo Delgado]

Good on getting a realtor to guide you in this. Yes, there should be an initial screening by your realtor before touring. This does not mean that any prospect will fill out an application or sign anything, rather the realtors should ask certain questions and you two should have a rental criteria in mind. Like how much gross income must any prospective tenant make, minimum credit score, any pets, move in date, ect.. This way your realtor can pre-qualify tenants. Any prospect brought by other realtors, that's on them to screen and qualify. As far as a checklist, make sure the home is safe, locks work, smoke detectors are not expired and with new batteries, no safety hazards that may cause or open you up to liability. Regarding any contract liability, your realtor will have the minimum requirements needed like contracts and addenda that will be signed by tenants and yourself and since your agent is the professional they will make sure they have the documents you need because their license and fiduciary duty requires them to.