Becoming owner/landlord of FIRST property (live in flip w/studio)

[Kevin Krysty Jr.]

Hello Bigger Pocket folks,

My wife and I are about to break through our first door in our investing career as we move into our first home together (in 9 days!!!) We got the house at a reasonable price below market value and hope to make a fair profit as we upgrade it! Secondly, there is an attached studio apartment. Its 715sqft large open space (previous garage converted into mother-in-law suite/studio), with a full kitchen and fairly nice appliances as well as a full bathroom with a large walk in shower. It’s definitely dated, but move in ready…and I already have two people interested and both willing to pay $550/month AS IS (...& utilities included). One of them is a good friend of mine and the other one is a young lady who works at the hospital and says “I’m just looking for a bed”, and honestly imaging she's going to be super quite and practically not even there... but I am curious as to how to determine who would be the better tenant, while also not being a greedy piece of 💩...I want to help them both, but also trying to be a savvy businessman, I don't know what the right answer is? 

Looking for some advice from some long time landlords.

Peace,

Kevin

[Denise G.]

my philosophy is do not rent to friends or family, as often they do not feel they need to stick with the expectations of the lease