Set fair market rent, avoid linking it to your expenses, and renew leases when possible. Keep good tenants, and screen new ones thoroughly through income proof, credit, background checks, and references to protect your investment.
Avoid costly mistakes as a landlord: know local laws, screen tenants, follow Fair Housing rules, understand the market, have a rental strategy, perform preventive maintenance, use a solid lease, and build a reliable support team.
Buying offers long-term benefits like appreciation, tax deductions, and rental income, but comes with responsibilities. Renting provides flexibility and fewer obligations, but lacks tax perks, equity, and control over the property.