Always Screen Tenants
Haphazardly letting anyone move into your property can be disastrous. Do not rent to anyone before you have covered all bases of checking their credit history, rental history, references and background. Not doing so can result in having tenants that feel they can get away with anything, including paying rent late, or not at all, being disrespectful to the space in which they are living, or inviting unauthorized tenants to live with them. Use a written rental application and make several copies for your records to ensure that you are protected from these things when screening your tenants.
Insurance Is Important
Having liability and property insurance is a big thing to remember to have when running a business like owning property that you are renting out. A good insurance program can keep you protected from lawsuits by tenants for injuries or discrimination as well as protect you from losses you may incur from anything from fire and storms to burglary or vandalism.
Get Everything In Writing
Going off of what was stated before, you should have a written lease contract established for tenants which documents the important facts of your relationship with the tenant and the requirements surrounding their tenancy, including when and how tenant complaints will be handled, who is responsible for certain repairs, notice that you must give if you need to enter a tenants living spaces, etc.
Being involved in disagreements with tenants is not fun for anyone. If there is a conflict that doesn’t warrant an immediate eviction or warning, try your best to meet with the tenant and discuss the problem with them so you can both come to a resolution without escalating the situation further.