The other thing that you should think about would be is a lease the right way to go. The other option is a month to month rental agreement. Depending on what the intentions of the renter are and what your intentions are, a month to month might be the way to go. Also, if for some reason the tenant isn't working out in your eyes, it is easier to get them out with a month to month agreement. 30 day notice instead of waiting out the year long or more lease agreement. It would be wise to hire a property manager to at least advise you and possibly do the initial paperwork for you. There would be a fee but look at it as a type of insurance to some degree. More lawsuits come about because a property owner does everything him or herself and misses things or makes mistakes due to them not having experience in these kinds of contracts as they usually aren't doing them on a daily basis. Like for instance, the previous response about having a lead based paint disclosure and the checklists. The average home owner would not know about these as they have no reason to know about these not to mention rental deposit laws that must be followed.