Landlords are a vital part of the housing market. They provide renters with a place to call home and, in turn, receive rent payments that help pay for their investment properties. However, there's more to being a landlord than just collecting rent checks every month. As with any business venture, you need to be prepared for potential problems and know how best to handle them when they arise.

Here Are Some Tips From Seasoned Landlords Who Have Been There Before:

Do Thorough Research Into the Real Estate Market

You're going to be spending a lot of time with this property, so you need to know everything about it. The best way to do this is by doing thorough research into the real estate market.

You Need to Know:

• The neighborhood

• Local laws (especially those relating to renting)

• Schools in the area and how they rate in terms of education quality, safety, etc., and how much they cost

• All available services like restaurants and stores that could serve as tenants if you decide it's necessary later on down the line (you can even build relationships with these businesses now by offering them deals on rent).

Have a Good Lawyer and Accountant

• Having a great accountant and lawyer on your team is an excellent choice. Even just meeting with them a couple of times while you're starting could be very beneficial.

• A lawyer will help you navigate the legal aspects of buying a property: i.e., negotiating the purchase contract and protecting your rights as a buyer during closing; reviewing lease agreements for tenants; and handling evictions if there are problems with tenants (which is rare).

• An accountant will help you manage your finances as a landlord: i.e., making sure you pay taxes on rental income every year; setting up accounts for tracking operating expenses related to each property; recommending ways to keep costs down within reason so that you don't lose money over time even if rent prices rise (which is likely).

Check the City’s Policies for Rent Control

Rent control laws vary by state, so you must check the city's policies before signing a lease. Rent control is a form of rent regulation designed to protect tenants from rising rents and landlords from eviction or property loss due to large rent increases.

Some states, such as California and Massachusetts, have laws prohibiting rent control; in these states, landlords may choose how much their tenants pay for their apartments. Other states allow local governments to enact their regulations regarding what percentage of an annual increase can be charged by landlords each year (this limit varies between 5% and 10%).

Understand the Rental Laws for Your State

There are a lot of state and local laws that you should be familiar with before renting your first property. You'll need to know about:

• What are the laws for your state? Do you need to register as a landlord? How do you handle security deposits? Find out here.

• What are the laws for your city? Are there any restrictions on parking spaces, subletting, or pets? Again, find out here.

• What are neighborhood-specific regulations (e.g., maximum occupancy)? Check with local authorities or look online; this information will likely be available online if it isn't provided directly by them (and if it's not available online, call!).

Hire a Professional Property Management Company

If you decide to rent out your apartment building, it's best to hire an experienced professional to handle the day-to-day work of running the place. This is also an excellent option for landlords of several residential homes. Property managers can help with tenant issues and maintenance issues. They also offer valuable insight into how much money your tenants are paying in rent and whether they're likely to stay around for a while (or if they're likely to skip out on their lease).

Get Renters Insurance

Tenant insurance is a good idea for any landlord, but especially so if you’re just starting.

And while it might seem like an unnecessary expense, failing to obtain tenant insurance could leave you with some serious liability issues. Landlords need to protect themselves from potential lawsuits or claims by making sure they have proper coverage. In the event of an accident or break-in, having the appropriate type of tenant's insurance can cover damages beyond your personal assets and bank account—and keep you out of legal hot water.

If a tenant has a medical emergency on your property and needs hospital care, he or she may be able to sue you for negligence if he/she believes their injuries were caused by something within your control (like not having enough smoke detectors). Tenant's insurance also protects landlords from theft or damage caused by tenant negligence (such as leaving windows open during storms) and other circumstances beyond anyone's control.

If you’re just starting as a landlord, these tips should help you get started on the right foot. As with anything in life, there are always new and better ways to do things—but if you follow them all, your chances of success will be much higher than if you didn’t.