Learn as much as you can before you rent out your home
Look at books, websites and other informative materials on the topic. Check with the Housing and Urban Development agency office in your town so that you know what your legal obligations will be and how to handle applications, approvals, evictions and deposits.

Set your price
Figure out a rental amount based on what other landlords in the area are charging. Compare those values to your mortgage. From there decide on a fair market value that works for you and the market your property is located in.

Determine how you will handle maintenance issues
You are responsible for providing a fully functioning home for your tenant, and respond to problems in a timely fashion. You can do the repairs yourself or find a carpenter, plumber, electrician, lawn care provider you can trust.

Get the property ready to show to potential tenants
Remove all the clutter and unnecessary items out of view. Make it so the potential renters can imagine themselves living there. Make it a warm and welcoming atmosphere; remember this is the potential renter's future "home". If you are providing the appliances make sure they are all in good repair.

Advertise the rental and screen potential applicants
Creating multiple means of exposure will decrease the amount of time your house is left empty. Posting your property on LeaseBuyOption.com will enhance your exposure nationally for free! When you screen a potential renter there are legal restraints for how you decide to approve or deny an applicant.

Accept rental money
Do not treat it as your own, set up a separate account for these funds. Ask your lawyer if there are any issues in your state regarding how to handle rental money before you do anything with it. In your signed lease contract you have with the tenant make sure it specifically states the monthly rental amount along with late fee charges. Be sure to stay strict to your contract so no bad habits happen.

Maintaining your rental property
Just because you have a renter in your house doesn't mean your side of the deal is done. Create an open relationship with your tenant and be fair and honest on all fronts. As a landlord you want to make sure that they respect your house and treat it like their own as well as you responding to their needs and requests.

Decide what you are looking for in a rental home
Before you start your rental search write down the things you're looking for in your future rental. How many bedrooms, bathrooms? How many square feet? How much rent can you afford? Does it need to have a washer/dryer or refrigerator? All of these questions are going to come up sooner than later so you mine as well answer them now.

Locate local property management companies and rental agencies
Use your local telephone book or internet to get in contact with local agency's rental listings for the area you are seeking. When you get in contact with them you'll know exactly what you're looking for from step 1. Make a list of all the addresses of the properties that fit your needs and desires and any other information about each property, including, rent amount, size and features.

Start your search
Once you have completed your list of potential rentals start driving and looking at each property. Take notes on each one so you can go back to them later to decide which property you want to rent. Make sure your write down both the positives and negatives of each place. All of this can be done in the comfort of your own house by using LeaseBuyOption.com. You can view thousands of rentals with just a click of the mouse on LeaseBuyOption.com

Ask about their policies and procedures
The property management company will want to do a credit check before renting to you, so ask each company what their criteria is for renting. Some have a credit check fee before they will let you view the property. Others will just do a rental background check. They will call past landlords to see if you were a good renter. Hopefully you have a clean rental history!

Request a showing
After you have chosen your favorite properties and they have gone through their policies and procedures request a showing. During your showing make sure you write down items you find broken or out of their original state. By doing this if you decide to rent that particular place you won't be charged for things that were already broken or already had some wear and tear when/if you decide to move out.

Make an Offer
After you have walked through the house and talked with the rental agent you need to agree upon a rental amount that works for both parties. Once a dollar amount and rental terms are agreed upon you'll need to sign the lease. After the lease is signed you can start your move in process!

Move in, relax and enjoy your new home!
Congratulations! - You've gone through the rental process and now you have a home you love and one that fits your budget.