New Student Rental Investor
Closing on a duplex right off of campus for my first property (Currently a student there)
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Wow, that is awesome. Congratulations.
It would be good to have a well-worded lease agreement in place with your tenants, it should be direct and spell out the obligations of both parties clearly all in understandable language. Often, local real estate associations have sample forms you can use and modify for your purposes.
Another recommendation is to use an LLC to hold your rental property, isolating the liability of the property and protecting you. That, combined with a great operating agreement for the LLC is a great way to protect your and your other assets. There are even more complex structures with LLCs that can provide protection to your properties from your own personal liability against creditors.
Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.