If you are finally ready to put your dream to the test and become a landlord, there are many things that you are going to want to take into consideration before you get started. The biggest and most important thing is that you are going to need to be extremely well versed in the rental property law. If you decide to just skip the knowledge of the law and start renting your homes or apartments out to people you may very well find yourself in a lot of trouble later down the road.

In order to properly manage your tenants, it is extremely important to really understand just what it is that you are getting yourself into. There are many different situations you could find yourself in at any given time. Every tenant may bring you a new and different challenge, which is why you should go into this adventure knowing everything there is to possibly know. You probably already know of the simple laws such as the fact that you are not allowed to discriminate against anyone because of their religion, race, gender, nationality, or physical disability. You can however screen the people applying to be your tenant to make sure that they are capable of paying your rent on time and following your rules.

If you decide that you have to turn down a prospective tenant, it is best to be upfront and honest about why you decided not to rent to them. By lying in order to smooth the turn down you could very well find yourself in the middle of a lawsuit because they may automatically assume that you discriminated against them for one reason or another. Another thing to keep in mind is that you may not always be in control of the amount you charge for rent. If you have decided to join a subsidized housing program then you may not be allowed to set your rent to reflect the current market rates.

It is extremely important that you follow the law when it comes to handling the tenant's security deposit. The security deposit is not for your free spending and in most areas, you are not allowed to collect a security deposit that is more than two months rent. You will be responsible for returning the security deposit should the tenant leave on good terms. You are allowed however to deduct monies from the deposit if there were property damages done by the tenant.

The eviction law is another one that you will want to study up on for your particular state. Whether it is because of lack of payments, destruction of property, or some other reason, you are not allowed to simply run the tenants off your property. You have to first give a written notice which gives the tenant time to make the situation right again. If that does not work then you will have to file an eviction lawsuit with the local authorities.

As you can clearly see, there are a lot of laws and rules that have to be followed in order to manage your tenants and your properties the right way. Learn everything that you can and make sure that you are double-checking your facts before you make any big decisions or moves. If you can afford it you should take the help of property management to help you along the way, at least until you get the hang of it.