Hire a team of professionals.
Your team should have a real estate agent, a mortgage broker, an accountant, an estate-planning lawyer, and a financial planner. Each member should possess certain qualities that will aid in the growth of your business. Real estate investment experience, new and innovative thoughts, a positive personality, and good organizational skills are all important.
Open a 'rental business' checking account.
This account should be used for all your rental business. Your tax accountant can give you more information why it's not a good idea to co-mingle business and personal funds. You may also want to open a trust account to hold your tenants deposit money.
Join a tenant screening service.
Becoming a member of a screening service is not difficult, but it can require a week or two. You must first submit your enrollment forms, and then the screening service will check your credit and criminal background to ensure you are legally able to receive prospective tenants credit reports. Once you are a member, receiving your reports can be a less than 24-hour process.
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Preparing
