If you decide to take that route, make sure you have a well written contract. My brother tried it and got burned. He felt he could write his own contract since the buyers where friends of a friend. I warned him but you know how that goes. He thought I was just paranoid and didn't want to pay an attorney for one. Some tenants will somewhere down the line decide that they own the property and they have paid you more than the house is worth, so they quit making payments. Then there is always the case of who takes care of the repairs. No matter how well written your contract is the renter will dispute his or her responsibility for certain repairs. Your contract must me able to cover all bases regarding repairs and other issues of ownership. Common problems are roof repair, boiler (heating) issues and taxes. Don’t forget to cover conditions of default.
