The first thing you have to look at is what the size of your operation is. For example, laws can vary depending on the number of units in your building or if you live in one of the units. You have to consider Federal, State and local laws, local standards of practice and learning what the competing buildings around yours are doing. It can seem overwhelming when you first start.
My suggestion would be to find a local real estate investment club or apartment association and see if you can get involved or if they have classes. This will be the best resource for getting leases that conform to your area and learn how to deal with evictions and problems. As previously mentioned, there are some great books and courses in the “Rich Dad” series that will give you a good general overview.
Last and most important is find a GOOD real estate attorney who deals with residential evictions regularly. Have them review your contracts and keep their number handy just in case. If you have a tenant damaging your property it isn't the time to learn how to run an eviction through the system. You can save a lot in repairs, lost rent and mental anguish if you have to get someone out quickly.
May 30, 2014