Becoming a landlord: the details

With the purchase of my new house I am essentially becoming a landlord. I just happen to live in the property I also rent out. I have been doing some research and found that I will need, at a minimum, the following items:

  1. Lease from each room tenant. I plan to use the $14.99 lease form to get started. This protects both me and the renter in a dispute and puts everything in writing.
  2. Taking deposits. I plan to hold each tenant's deposit (equal to one month's rent) in an interest bearing account for the duration of the lease. Any damages at the end must be taken from this and detailed to the tenant.
  3. Maintenance. I am responsible for making sure everything in the house is in working order. It must be safe, secure, and livable at a minimum by law. I will make sure that everyone is happy. A happy tenant is one that pays on time!
I expect to have both of my spare rooms rented out within the next couple of months. I currently have one tenant ready and am looking for another. This will definitely be a learning experience but hopefully a good one. I am also looking into more rental properties as a way to earn extra income.

I have always thought about getting into real estate and I think this house is a great first step. I got a great deal on it and there are more deals to be had. I will see how this goes and look into getting another. I have the vision and now just need the means!