New to property investing (Rentals). Need suggestions

Member since 2020 · 25 posts · 1 vote

Greetings,

I’m currently looking to purchase some properties in order to rent them out. My main concern is rules and guidelines to follow, which I’m not familiar with. So how does the whole system work? Do I need to get a business license in order to rent properties out? What other licenses and guidelines I need to obtain in order to legally work? What should I be concerned about?

Thank you in advance!

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Michele FischerPro Member
Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
6y
You need to read the tenant-landlord laws for your state, they will answer a lot of your questions. There may be some training sessions locally you can attend to. The rules and licensing varies by state. Once you get that sorted out, these forums and/or books will help with the more generic stuff.
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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
6y
@Junior Shay you should purchase "Every Landlord's Legal Guide" by NOLO. It is a big book, full of practical advice about managing a rental. It includes everything from marketing, Fair Housing Law, application screening, what should be in a lease, pets, late rent, evictions, move outs, and more. It includes a summary of the most important state-specific laws and where you can read them for yourself. It also includes some sample forms you can edit and use to get started. It's the best single resource I'm aware of.
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