Landlords have significant obligations to uphold, both legal and ethical. It is imperative to understand the expectations before diving in. If you perform your job well, you are more likely to have satisfied tenants who will stay with you, so you are less likely to have the property remaining vacant for long time periods.

It can be very profitable both financially and emotionally to become a landlord. Before you jump in, there are a number of things you should think about.

Why would anyone want to rent property? If someone is ending a marriage, renting is a quick way to find housing.

It is a good answer for our workforce, or military personnel and our student population to live in a place for a short time span. It also gives couples a time to learn how to live with each other, play house, so to speak.

The demand also offers to those who own property and who may be looking for a way to let their savings climb through all of these uncertain times, volatile stock market and uncertain pensions, a chance to open up a fresh revenue stream by becoming a landlord.

A number of guidelines in safety and health need to be followed in order to lease your property. This will protect you legally, as well as provide safety to the renters who are living in the property.

Furniture and furnishings

Strict regulations may mandate the use of only fire-resistant furniture in residential rental properties. Furniture purchased prior to 1988 will probably not meet code regulations, and therefore must be replaced before the property is leased.

Beds, mattresses, headboards, sofa beds, futons Nursery or children's furniture Garden furniture Pillows, cushions, etc.

Gas safety

You, as a landlord, are required by law to service all equipment that is gas related at last once a year. The landlord must keep a log of regular checks and in what condition the equipment is. An annual gas safety certificate must be provided to you tenants. If you do not adhere to this, you are breaking the law.

All instruction manuals relating to the use of all appliances, whether it is gas or otherwise, must be provided by the landlord.

Electrical safety

Another great responsibility for a landlord is the safety and workings of the electrical components of the house, such as wiring and outlets. The wiring should be safe, and in perfect operational order. Wiring more than 15 years old must be inspected annually.

As a landlord you are a jack-of-all-trades responsible for property upkeep and maintenance. If a tenant has a problem with something on the property, who gets the call? The landlord does!

It is critical to be very organized in regards to the tenancy contract. This contract is legally binding and is to be executed between you and your tenants. You will need knowledge of security deposits. In other words, knowing some legal ins and outs will be to your advantage.

If you enjoy a challenge, have time to spend on the rental property and are well-organized, this is something you should consider! You can do it -- be a landlord!