The liability part is important, too. An injury on the property could cost you more than the house is worth or even jeopardize your current home. I recommend to my real estate clients to carry an umbrella policy or at least extend the liability coverage from their homeowner's policy to their rental.
A property manager can help you keep the property rented, mowed, and otherwise maintained. They can even pay your HOA and/or mortgage from rent proceeds.
Properties that don't rent for much might be better off sold, because remote management or maintenance can be very stressful. Property management will consume a chunk of the cash flow, taxes and insurance will surely make a large dent in the cash flow, too. Good luck.
To rent a home in Texas you just need to notify your home insurance company and change to a policy that covers your home with tenants. it doesn't raise your annual premium much. 2nd you need to get set up with a good property manager that will do you a service with screening tenants and collecting monthly rent on time.
I look forward to speaking with you.
Nathan Beckey, Realtor
\(m) 817.691.602 (e) email@example.com
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1) a home
2) someone to place a sign and market the property to prospective tenants
3) someone manage the property and coordinate contracts, accounting, repairs, etc.
4) contact your insurance carrier and let them know the home is a rental and request liability coverage in case a tenant is injured and seeks to go after the owner
Check out my blog on tenant screening....
Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
'Serving all Your Real Estate Needs'