When investing in real estate investors may consider holding properties as rentals for another source of income rather than flipping. Dealing with tenants is a whole other ball game and does need a new skill set and paperwork.

Sure we all are aware that we should run a background and credit check on the tenants, and we do know that we have to have a written, dated and singed lease agreement with them. What we put into the lease agreement is also very important and what we don’t put into the agreement is what will kick us in the chin.

There are many places out there where you can buy pre-written lease agreements. You only have to fill in the blanks and the agreements supposed to have been written for your state specifically or some of them even supposed to cover any State in this Union.

Some investors might take other investors (who already have rental units) lease agreement and just run with it, thinking it should be fine.

How do you know that is agreement is the right one for you and your State? Just because it says so does not mean it is.

I have seen so many lease agreements that left the investor wide open for possible legal issues or the tenants had more rights but less responsibility than the landlord it is not even funny.

To make sure that your lease agreement has you and your property covered is to consult a real estate attorney. Just grab your current lease and let the attorney work it over for you. You maybe be surprised what you are missing and did not cover…..