Do it legally or don’t do it at all
Make sure you have all the proper permits and paperwork for your rental. Whether it’s a part of your house or a standalone structure or an apartment building, the permits vary as do the laws. Know what is required before your rent. The fees are steep. Have you contacted your insurance company about the dwelling?
You won’t pocket all of the rent
You need to pay tax on the rent as income. But taxes aside there are other expenses you need to plan on paying including repairs and upkeep, replacing appliances that break. There are a lot of things that go into the maintaining a property.
Once they’re in, they are hard to get out
The Residential Tenancies Act is something you be knowledgeable about this, the tenants area. Know your laws about deposits, and getting out of leases. They vary based on location.
Finding the right tenant is hard
Showing the space and pricing it right are essential. Consider a credit and background check for all perspective tenants. Get a real idea of who will be living in your space. Consider verifying employment as well. Then you will know they will be able to pay rent. The more rigorous you are, the better.
Landlords should be handy
Being able to do basic things like deal with a blown fuse and a clogged toilet are pertinent. For bigger problems you can call a contractor, but you’ll have money fixing the small stuff yourself. The tenant has no obligation to fix things.
If all of this seems overwhelming consider contacting a property manager. They are adapt at dealing with all of these issues.