You need to be familiar with the Landlord/tenant laws in your state or have an attorney you can consult with. Being a landlord has responsibilities along with rewards. In our city, your property must be a licensed rental--which means you must pass an inspection every three years and pay a fee for the license (ours is 225 for 3 years). You should check backgrounds of all prospective renters (I can access MN court records, both civil and criminal for free), verify employment, have them do a complete application before you sign the lease. Keep records of all rent received and all maintenence or improvements done on the property for your tax records.

Also, do move in/move out inspections. Make sure you specify what should be done at move out...for example, don't say "property should be clean"--specify oven should be clean, cupboards wiped out, all garbage disposed of, etc etc.

I have been a landlord for 4 years and just went through the eviction process...it was surprisingly easy---there really is no defense to non-payment of rent. I won a judgement against them, but haven't collected a penny yet so far.

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