Updated about 9 years ago on . Most recent reply
Process for buying a rental property (documents, insurance, etc)
As I look into purchasing my first rental property (a SFH), what is the process of setting the property up as a rental? I am mostly wondering about the legal documents and things like insurance. It would be great if someone can list the process. My main questions are along the lines of:
1. Do I need some kind of "landlord insurance"?
2. Do I need some kind of property inspection to prove the property is in good condition so I will be protected if my tenant gets injured in my property?
3. I assume the property should be in an LLC or perhaps a Trust, correct?
4. Which documents besides a lease agreement does the tenant need to sign, or does the lease agreement include everything?
5. Is there a type of lawyer who can ensure everything is setup correct and that the way I market my property fits within current marketing laws?