Learn local landlord-tenant laws
Research rental markets in your area
Set a budget for purchase, repairs, and reserves
Choose the type of property you want to rent
Secure financing or pay cash for the property
Buy a property that can generate rental income
Inspect the property thoroughly before purchase
Make necessary repairs and safety upgrades
Obtain required licenses, permits, and insurance
Set a competitive rent price
Create a tenant screening process
Prepare a lease agreement
Advertise the rental property
Show the property to prospective tenants
Screen applicants for income, credit, rental history, and background
Select qualified tenants
Collect the security deposit and first rent payment
Sign the lease and document move-in condition
Maintain the property regularly
Respond to tenant issues and repair requests
Keep accurate financial and legal records
File and pay any required taxes
Renew leases or handle move-outs properly
Build a reserve fund for vacancies and emergencies