As landlords grow their rental businesses, many choose to set up LLCs to create a divide between business and personal matters and shield personal assets from potential business liabilities. While this strategy boasts numerous advantages, it comes with its own set of drawbacks. This article will focus on the disadvantages of using an LLC to…
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In this week’s podcast, Andrew Schultz discusses how to self-manage your rental property like a professional. We will also explore what to do when you find out your tenant has been smoking in a non-smoking rental. And, last, but not least, how can landlords incentivize contractors to do amazing work? Find out all this and…
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Welcome to our comprehensive guide on rental forms, the essential paperwork that shapes the landlord-tenant relationship. In the realm of leasing, paperwork is pivotal. Ever wondered about the key rental forms you should keep on file? Look no further. In this guide, we’ll navigate the crucial documents every landlord must have, from the foundational rental…
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Updated December 2023 As a landlord, navigating the complexities of tenant relationships is a critical aspect of property management. Unfortunately, disagreements between landlords and tenants do sometimes escalate to the point where actions taken by either party may be considered harassment, which is an illegal activity with serious potential consequences. In this guide, we delve…
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In this week’s episode, Podcast Host, Property Manager & Business Owner, Andrew Schultz, chats about whether or not smart homes are worth the investment or not for landlords. When it comes to work and rental references, what should a landlord ask? Find out the top questions to ask when chatting with references to see if…
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In this week’s episode, Podcast Host, Property Manager & Business Owner, Andrew Schultz, chats about work from home tenants. Does it make more sense to be stricter on wear and tear rules since the majority of the time your tenants are home? Are you afraid you’re too lenient on your tenants that pay rent late?…
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Do you have to tell the IRS about income from a rental property? Yes! Even if you only have one property or only do short-term rentals? Yes! The IRS considers income from renting a property as part of your total taxable income. If you don’t report it and they catch on, the financial consequences can…
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In this week’s episode, Podcast Host, Property Manager & Business Owner, Andrew Schultz, chats about whether or not there should be limits on a tenancy. How long would you keep a tenant? We get it, musty smells in basements are not ideal. So, what should you do with those unfinished crawl spaces in your property…
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There are many reasons to remove a tenant from your rental property, from nonpayment of rent to property damage. When these situations arise, you need a legally sound way to address the issue and remove the tenant from the property. Should you issue a notice to vacate or an eviction letter? These are both legal…
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Ever wondered, “What is a certificate of occupancy?” It’s like your property’s official stamp of approval, issued by the local building and zoning department. This legal document specifies the approved uses of the property, such as residency or commercial activity, and confirms that the building is suitable and safe for those purposes. As a landlord,…
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