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With so many amazing deals to be found amongst the houses, town homes and condos on the market today, whether for sale by owner, a short sale or bank owned, it is an undisputed fact that there are incredible investment opportunities to be found in nearly every city across the country. Many people find themselves tempted to seize upon this situation and invest their savings into rental properties, becoming first time landlords with the intent to benefit from both the initial investment as well as the financial income that will be generated as the owner of the unit. But before diving into unfamiliar waters and tackling the landlord / tenant business relationship, a person should first speak with someone with residential property management experience for the guidance and advice they will be able to offer the investor regarding all of the aspects involved in this sort of arrangement.Someone who has found the “perfect” property and has made the decision they are ready to purchase a house or town home as an investment with the intention to rent it out, should be prepared to devote an extensive amount of time to familiarize themselves with the various insurance requirements, codes, laws, restrictions and contracts necessary to complete the transaction prior to advertising the space as available for rent.A professional residential property management company can offer numerous services for their clientele that will assist them in retaining a steady income generated by their investment property. The management company will help to screen potential tenants by performing a background check that includes employment and criminal history. They will also do an evaluation of the property and oversee any repairs that need to be done to bring it up to code and then advise the client on what a competitive monthly rent would be based on comps in the area.Another service the residential property management firm will provide is the task of handling any issue that may arise in regard to the tenants: repairs to the unit, the collection of rent – both on time, or those who are late – and the possible eviction of a tenant due to unpaid rent. All paperwork and court appearances will be handled by a representative of the residential property management company, relieving the landlord of the headaches associated with that sort of situation.Before taking any steps toward investing in a property with the intention to become a successful and profitable landlord and one who is able to generate “easy” income, an appointment with a property management firm should be scheduled by the future investor in order to become fully aware of the level of commitment, responsibility, time and finances required to become a landlord, and understand there is a great deal more work involved than simply buying a property and collecting a monthly rent check from a tenant.