There are many things to consider before taking that step, especially if you are considering a purchase for rental purposes. Whether your intent is a short or long-term rental, you need to review the zoning regulations and deed restrictions applicable to the property to determine if there are any that could impact, or perhaps even prohibit, your intended use.
You will also want to consider whether to transfer the title of the property into an entity for the purpose of minimizing any potential liability as well as what kind of insurance coverage you should get.
Familiarizing yourself with the laws that govern the landlord/tenant relationship is also important as residential tenants in the State of Michigan are given many rights beyond the right to habitable premises—those rights can be difficult to navigate, nuanced and not always intuitive. These rights exist regardless of whether they are included in a written lease agreement or not.
Knowing and understanding what they are will help you to avoid pitfalls with difficult tenants and help maintain good relationships with existing tenants. Short-term rentals likewise require special consideration from a number of angles. Navigating all of these considerations can be overwhelming.
Let us be your trusted advisor. Call Abby Cooper, email@example.com.