Renting to Relatives

[tsl90]

We have a small home in OK which is paid for. We are leaving the state for one year and hope to rent it either to some relatives or friends who are interested.

What is the best way to arrange this. I assume there are tax issues which must be addressed.

Any advice would be appreciated.

 

[djdj]

You must have a signed lease that covers all the details, and that they are responsible for paying the rent, and all utilities, and upkeep, and that since you wont be anywhere areound, they will have to call the plumbers, etc when there is a problem...

ALSO make absolutely sure they have a JOB.....you know they will try and get free rent because you told them the house is paid for!

Remember you are in REDNECK country, and what those people wont do to get out of paying their bills is incredible!