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[quote=Anonymous]We held on to a home and rented it out a home for a number of years. My advice:

1. Do not rent to "roommates", look for a family or working couple. Fewer problems.
2. Be prepared for surprises. The sink springs a leak, the doorknob is loose, etc. Renters rent because they do not want to do repairs. They want YOU to pay to fix it, ASAP. Contractors aren't cheap, and it comes out of the rent.
3. All renters are different. Some are easy going and some are...not. You repainted the walls in the color I wanted, but you missed a spot! Come fit it!
4. Use a middleman. Find a realtor who handles rental contracts, and is the contact for repairs, renter questions and collecting rent checks. You will never deal with the renter directly. It is so worth the cost. 
5. Be prepared for uncertainty. If you are renting to create extra income, think again. See Tip #2. Anything can happen.
6. Insurance. You'll need to add renters insurance to your policy. 
7. Landscaping. Your renter doesn't want to mow the lawn and pull up weeds, so who will? Don't piss off your neighbors by allowing your property to become the neighborhood eyesore.

I could go on, but you get the idea. Being a landlord isn't for the faint of heart. [/quote]

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