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[quote=Anonymous]You need a basic business license, RACD registration and rent control exemption, and to file annual personal property taxes each July. You might need a lead test--check the DOEE website.

You will probably need at least 2 months to get all the licensing done and find a tenant to move in.

Consult with a landlord-tenant lawyer and use the lease they suggest. Provide all required addenda. Make sure the lease waives the notice to quit in nonpayment cases. Include a clause requiring the tenant to get renter's insurance. You can't force them to do it but when something gets damaged you can remind them they agreed to it and it can get them to stop asking them to replace the thing that got messed up for reasons beyond your control.

Section 8 pays pretty well (up to $2872/month for a 2br without utilities) but figure it will take an extra month to get the tenant moved in because of all the paperwork.

It sucks to pay the tenant's utilities but it may be better than them not paying and you getting a lien put on your property by DC water or something.

Don't assume that realtors or property managers know the law.

Something will break at the most inconvenient time possible. Are you going on an international vacation? Leave some keys with a trusted friend because a pipe IS going to start leaking.

You will think rent is due the day the lease says. Your tenant will think it's due the last day before a late fee is charged (and may not pay it then anyway).

You might think everyone knows what is safe to put down the garbage disposal or the toilet and how to change light bulbs and smoke detector batteries but you would be wrong.

You should assume that if your tenant moves out, the place will be vacant for 2 months while you fix it up, re-list it, and find someone to move in.

AirBnB is not a great solution because of the new restrictions if you don't live there.

If you think you want to evict your tenant or keep part of the security deposit, first read the Landlord-Tenant Survival Guide on the OTA website and then hire a landlord-tenant lawyer. It actually isn't that hard to evict someone (especially if they don't show up at court) but if you screw anything up (like sending the notice to quit in English only, even if your tenant only speaks English) can get your case dismissed, or worse, get you sued.

If you are going to be living close by and you are reasonably handy, you should still probably sell unless you can clear about $500 a month after mortgage, any condo/HOA fees, property taxes (don't forget to tell OTA you no longer qualify for the homestead exemption), and insurance. I'd bump that up to $700-800 a month if you're going to use a property manager. [/quote]

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