JoanneS

Ditto to what puppy says. We have rented several condos out for many years, and we have had mostly good luck with tenants. We ALWAYS have a contract between us and the tenants signed by both of us. No lawyer needs to be involved. Set the rent to cover taxes as well as mortgage plus whatever profit you want, and include that you may increase the rent annually, especially if your expenses on the house increase (ie your mortgage and/or taxes). Check around to see what comparable houses are renting for. Ask for the first and last month's rent in advance, plus an extra month to be returned if the house is left in good condition when they leave. Require a month's notice when they leave. Specify in the contract exactly what you mean by 'good condition.' Specify what their responsibilities are eg mowing and watering the lawn, keeping the inside and outside clean, contacting you when repairs are needed, paying for all utilities. If you're not going to continue to live in the area, you'll need to have a handyman you can contact should repairs be needed - someone who is licensed for electrical and plumbing work.

All this sounds a bit negative, but it doesn't mean bad things will happen. You need to protect yourself 'just in case.' We've only had 1 tenant skip out on us and leave a mess in the 35 years we've been renting out.