Definitely ask for a deposit, it's like "insurance" (ie, tenant doesn't pay rent or tenant moves out and makes damages, you can take out of their deposit). You can ask for first & last month's rent. But keep in mind, you may have to be flexible. You might be in a situation where no one can afford 1st/last month's rent, deposit, moving cost, etc. so you could work out a payment plan, etc.
This is just the gist, but I hope it helps. Good luck.
You should most definitely have a lease. Then tenants should be screened their credit and DL checked for background information. First , Last and security deposit is customary. Will you handle this property yourself? You might also consider Property Management .
Yes, you should have a lease, request a deposit, as well as the first and last month's rent. Additionally, it would be advisable to consult with your accountant regarding this undertaking. They will be able to advise you from their perspective.
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