Tips for Landlords who live with or next to their tenants.

As a landlord, it is important to understand that you are in a position of authority and responsibility. This means that you need to be strict with your tenants in order to maintain a professional relationship.

One of the most important things you can do is to make sure that all agreements and contracts are in writing. This will help to avoid any misunderstanding or incorrectly remembered items. It is easier to bring out the contract and settle an argumenta that way rather than, trying to guess and remember and play "He said She Said".

Another important point is to never make exceptions or change late fees. Even if you want to be a "nice" landlord, it is important to put your foot down on this issue. Enforcing late fees from the beginning will help to set the tone for the rest of the landlord-tenant relationship. Do not let rent slide one month and try to enforce it another month.

If you live in a community with an HOA, it is important to check with them first to make sure that renting out your property is allowed. Some local ordinances might restrict your right to rent out your home or apartment. Ask, are short term rentals okay? Long term rentals? How many occupants, etc.

At all times, it is crucial to remain professional and approachable with your tenants. This means treating them with respect, even if you don't get along. Being the nice landlord and being "Best Friends" with your tenant are different scenarios. One can lead to a tenant abiding by the contract and staying for awhile, while the latter can lead to being lax on rules, being taken advantage of, and more. By doing so, you can help to avoid any potential issues or resentment from building up over time.

While landlord-tenant relationships can be difficult at times, by following these tips you can help to set the tone for a successful relationship.