As a landlord, or an aspiring landlord, you may already know that renting houses isn't always the easiest business to be in. It needs to be run like the business it is, and, of course, your goal is to make a profit. This is easier said than done.

However, there are quite a few resources out there that can help you. You should not feel that you have to figure everything out on your own or that you must struggle to make things work. Here are a few items for making the most of house rentals:

1. Set your rental rates before putting up a house for rent. Think about what other homes are renting for when deciding what you want to charge.

2. Take advantage of networking opportunities. You can learn quite a lot about renting houses by attending local events and participating in online forums.

3. Consider letting a property management agency do some of the work for you. You'll want to find one that specializes in home rentals as opposed to commercial rentals.

Action Steps
The best contacts and resources to help you get it done

Price your house rentals competitively

To make a profit, your income must exceed your costs. Assuming you've made a good investment, the next step is to determine the going rental rates in your city or town. If you want to rent out a two-bedroom, one-bath home, you'll need to set your rates to compete with other 2/1 homes. If you set your price too high, nobody will be willing to rent with you, but if you set your rates too low, folks will wonder if there's something wrong with the property or neighborhood. This is a very fine line, and you'll need to carefully consider these things before finalizing your rates.

I recommend: Look up the average rental rates for different types of properties in your county at HUD USER. Enter information about your property into the advanced search at Houses for Rent to get the rates of homes similar to yours; you can use these as a jumping-off point.

Network with other investors in the house-renting industry

Underestimating the resources you can gain from joining a real estate investors group would be a mistake. You can gain invaluable knowledge from veterans in the business as well as learn the ins and outs of the legal aspect of the business. You may make connections with attorneys, accountants, lenders and other folks in the industry.

I recommend: Find a chapter of the National Real Estate Investors Association in your area. If you'd rather network online, consider joining The Landlord Protection Agency to gain access to industry news and forums.

Take some of the burden off of yourself and work with house rental management companies

There are varying levels of services offered by property management companies, ranging from simple rent collection to full-on marketing, tenant screening, contract negotiation and expense tracking services. If you're not comfortable handling a certain aspect of your business -- or just don't have the time -- consider contracting a property manager to make it easier on you.

I recommend: Locate a property management company in your area at All Property Management. You can also search the National Association of Residential Property Managers to find one near you.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Many landlords do not want to rent to tenants who have pets. If you notice that pet-friendly housing is lacking in your area, consider allowing tenants with pets to rent from you. Make sure you set firm pet policies and ask for a nonrefundable pet fee at the lease signing; this will help offset the cost of fixing any damage the pet might make to your rental homes.

Renting a house is a great way to avoid the monotony, expense and confinement of a hotel room if you're facing an extended business stay or a temporary job.  Home rental make the most sense if your out-of-town business or temporary position is going to last for months or longer.

Here are the top benefits to renting a house:

1. Renting a house - even a nice rental house with plenty of room and amenities - is almost always much cheaper than paying nightly hotel rates.
2. A rental house gives you plenty of extra indoor and outdoor space in which to live, exercise, cook, and, best of all, work more productively.
3. Houses for rent by owner offer flexibility hotel rooms cannot - allowing you to eat, arrive and depart, exercise, and more - without being confined to a schedule (other than the lease term restrictions).

Action Steps
The best contacts and resources to help you get it done

Find house rental listings to fit your budget

Begin with a realistic budget - how much rental house can you afford? Don't skimp on the rental house or your absolute must-haves (for example, air conditioning in the South Florida rental home), but think twice before breaking the bank on that rental home with its own pool, tennis court, and golf course. Get what you need - and what you can afford - in a rental home.

I recommend: Get moving to Move.com, an invaluable, comprehensive real estate search engine to search houses for rent by owner according to your specific needs; see rental house photos and floor plans for more information.

Prioritize your home rental needs

Renting a house gives you the flexibility to move your family with you - especially if the temporary assignment is expected to last beyond a couple of months - so stop to consider any special home rental needs beyond budget and proximity to the office. Find conveniently located houses for rent by owner with extra bedrooms, in good school districts, and near shops and other services.

I recommend: Peruse the house rental listings at Rentals.com under 'Rental Houses' to search houses for rent by state, city, price range, and more. Click on a specific listing to learn the rental home's school district, neighborhood type, lease terms, pet and smoking policy, and more.

Work with a rental home specialist to find houses for rent by owner

Want to rent a house, but live too far away from your new location to pound the pavement yourself in your hunt for house rentals? No problem - find a real estate agent, property manager, or rental home company that specializes in house rentals. The home rental agent can narrow the rental home options for you, and match you up with the newest house rental listings that meet your criteria.

I recommend: At Rental Home Match, post home rental requests to have your rental home needs matched with verified real estate agents, landlords, and property managers.

Rent a house through online ads for home rental listings

If you're in the market to rent a house, you're in luck. With the seller's housing market as it is, there are plenty of owners who are choosing to rent out their houses, rather than risk paying two mortgages while their old home sits in the stagnant market.

I recommend: At Craigslist, click on the city of your choice, and search under 'Housing' for specific house rental listings under 'Apts/Housing,' 'Sublets/Temporary,' or even 'Vacation Rentals. Don't see the rental home of your dreams? Then post what you need under 'Housing Wanted.' For Lease By Owner allows you to search for rental homes across the country by rent, availability, and more.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Always, always insist on a written lease clearly spelling out the rental home lease terms - even on short-term house rentals.
• •  Find a rental house through word of mouth - put out your feelers for house rental or sublet opportunities.
• •  If your dog really is your best friend, search rental home listings that allow pets. If you're not sure, ask. Many rental home owners allow a pet with an increased deposit and/or monthly rent.
• •  Rent a house that's furnished for temporary assignments that are too far away, for a very short time, or if it's just unrealistic to move your furniture into your new rental home.
• •  If you need special home rental accommodations, such as a handicapped-accessible home or wheelchair lift/ramp, take the time to find the right rental home to meet these needs.
• •  If you're not sure how long your stay will be, look for a landlord who is flexible with the home rental terms - and is willing to put it in writing in the rental home lease.

During times when the housing market has an uncertain future, many folks start looking to rent a house instead of buying a home. You can use this to your advantage: Buy when prices are low, and rent out the property for a profit. Before you run out and start looking for homes to buy, take a moment to really consider what this might cost you.

As a landlord, you'll be responsible for handling any and all tenant problems and situations, which, in itself, can be quite an undertaking. But you need to understand that you'll also be responsible for paying for the house rental in its entirety. This includes the following:

1. The property itself. This is the first thing you should consider, since all landlords engaged in renting houses must first purchase the home.

2. Any maintenance needed. Rental homes require maintenance of the house, the lawn and any structures on the property.

3. Legal and accounting fees. If you rent out a house, you'll need your tenants to sign contracts and you'll have to keep track of your income and expenses.

Action Steps
The best contacts and resources to help you get it done

Estimate the cost of potential house rentals

Usually, the price of a home is directly proportionate to its square footage. Other factors at play are the location and condition of the property. Doing a bit of research into costs in your locality is wise; this will give you some background information for each area of town so you can negotiate a good deal. Also, you'll need to figure in the costs for property taxes (check your local property appraiser's website for estimates) as well as homeowners insurance, which also varies widely between municipalities.

I recommend: Use the convenient map function at REALTOR.com to find properties for sale in your area. Get a personalized quote for homeowners insurance from Allstate Insurance, which can give you a quote for each home you're considering.

Figure out the costs of maintaining your rental house

It's not enough to just buy a property, put some tenants in it and forget about it. If something breaks, you're responsible for it. Expect to pay between $20 and $70 per hour for handyperson services. Small jobs will obviously cost less than more extensive projects. You may choose to take care of grounds maintenance as well, so you'll need to find a lawn service to keep your yard looking nice. This varies depending on property size, with rates starting around $25 per mow for smaller properties.

I recommend: Locate a Mr. Handyman in your area; this company provides maintenance, installation and repair services. Check out the lawn services offered by TruGreen, which has branches all over the United States.

Price out professional services for your potential house renting business

Before you put up a house for rent, you'll need to write up a lease contract for your tenants to sign. An attorney can do this for you for between $50 and $200. If you will need the services of a lawyer on a continual basis, you might consider putting an attorney on retainer, which will cost you at least a couple thousand dollars. Fees for accountants vary depending on how much work they have to do, and this is usually charged per hour. Assistants generally cost $40 to $100 per hour, while veteran CPAs can charge up to $400 per hour.

I recommend: Locate a lawyer in your area using FindLaw. You can search for accountants in your locality by using AccountantsFinder.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Another item to consider is the cost of advertising. House rental listings are usually placed in local papers or online; you can also stick a sign out in the yard if you're looking for a renter. Ads in the newspaper are relatively inexpensive at around $10 per week, give or take a few dollars depending on your area. Online ads are usually free or cost very little. Water-resistant yard signs customized with your information can cost as much as $30 per piece, less if you buy in bulk.

Maybe you're searching for a house as a great location for your company offices — something historic and welcoming. Maybe you're looking to start a business investing in houses, fixing them up and making them available for rent. Whatever your connection to house rentals, it's important to know some of the key terms before getting in too deep, so you fully understand what you're getting yourself into.

Action Steps
The best contacts and resources to help you get it done

Landlord

The landlord, also known as the lessor, is the individual or company that owns the property for rent. The landlord makes sure that the tenant meets all of the elements of the lease agreement and is responsible for any repairs that the property may need.

I recommend: Visit RentLaw for more information on landlord rights and responsibilities.

Tenant

The tenant, also known as the renter or lessee, is the individual (or company) that signs a lease, agreeing to abide by the terms of that lease, in order to rent the house owned by the landlord.

I recommend: Tenant Net provides access to several resources for tenants, including a Tenant Handbook for Pennsylvania. Keep in mind that laws protecting tenants vary with each state.

Lease agreement

The lease agreement, or rental contract, is the document the landlord and tenant sign in regard to the rental property, usually in effect for one year. While each state has different provisions and requirements for a lease agreement, it typically states the monthly rental amount due, the regulations the tenant will abide by while residing on the property, what happens if the tenant is in default of the agreement and the landlord's maintenance responsibilities.

I recommend: Free Advice offers further details on a lease agreement. You can find a sample lease agreement on Mr. Landlord.

Subleasing

If the original tenant wants to move out of the rental house, but the lease agreement has yet to expire, then the tenant may look into subleasing or subletting the property. A sublet (also known as a subtenant or sublessee) is an individual who moves into the property in the tenant's absence and takes over the monthly rental payments through the remainder of the lease agreement. However, the original tenant is responsible for the subtenant's actions.

I recommend: Refer to Rentals Online for more details about subleasing.

Eviction

Failure to comply by the terms of the lease agreement may result in eviction of the tenant. Each state has a specific process for the proper conduct of an eviction, but most states require a 30-day eviction notice given to the tenant, typically followed by a lawsuit against the tenant for rent remaining due and the cost to repair damages to the house.

I recommend: The Austin Tenants' Council provides information on the eviction process under Texas law. This will provide a better idea of what an eviction is, but remember the process varies with each state.

FMR

FMR stands for fair market rents. This is a system developed by the U.S. Department of Housing and Urban Development (HUD) that determines how much monthly income a particular house would produce if available for rent, including utilities. Determining factors include the market value of houses in the same area, the condition of the house in question and the average cost of utilities.

I recommend: Visit HUD User for access to current FMR information and statistics.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Keep in mind that landlord/tenant laws vary with each state. You may want to consult an attorney, or at least the state statutes, before signing a lease agreement.