For some people, coming into ownership of an additional property when they already own and live in one may present opportunities for becoming a landlord. After all, if you have something that's meant for people to live in, but you don't need to live in it yourself, one option is to make it available to others, while you collect income from their monthly rent.

However, becoming a landlord, while potentially generating a lot of passive—even stable—income, also means taking on some extra responsibilities and being aware of certain rights and regulations. Here are some of the responsibilities you need to be aware of if you decide to become a landlord.

Follow The Fair Housing Act

Above all else, one of your biggest legal responsibilities is following the Fair Housing Act, or leaving yourself vulnerable to legal action. This means that while you can refuse to allow someone to move into a property you own because their financial records show they may not be able to meet their monthly payment obligations, you can't refuse someone on the grounds of disliking their religion, gender, skin color, country of origin, or other discriminatory grounds.

Complying With Local Codes

This will vary from state to state and even city to city. Depending on where you live, there will be certain residential building codes that you must obey. Some of these are fairly universal, such as ensuring that there are functioning smoke alarms in a building. Others may be more specific to different regions, such as requiring property accessibility for disabled people. Whatever the local building codes and ordinances are, it is up to you, not the resident, to ensure a building is in compliance.

Maintaining & Repairing The Building

Similar to municipal code compliance, as an owner, it is up to you, not the resident, to repair and maintain the overall condition of a residence, such as an apartment building. While the resident may be responsible for damage they've inflicted—accidental or otherwise—to a property, such as a child blocking a toilet by flushing inappropriate items with it, you are responsible for the repair and maintenance of other aspects. A broken drain pipe, an HVAC system in need of repair, or even broken stair steps or cracks in the walkways of a common area are all your responsibility.

Keep note that there are generally time limits on this as well, with urgent repairs typically needing to be addressed within 24 hours, while less urgent repairs usually have a 30-day limit. This varies from state to state.

Respecting Resident Rights

Even though you may own what residents are living in, they still have rights that you must respect. For example, you can't just show up at their door unexpectedly and insist on being let in. Residents must always receive advance notice of any kind of landlord visitation. Similarly, you can't just decide to raise the rent and then tell them on the day payment is due that they owe you more that month and going forward. You must provide advance notice of this before you implement it.

Of course, another option is to work with an experienced property management company. Call Occupancy Solutions and let us help.