Here's something no one has ever done until he or she became a landlord:   Determining the proper amount to charge in rent for a property.  You certainly know what your monthly cost is and you've probably had an appraisal done recently.  Unfortunately, these valuable steps are just the beginning.  There are many factors to determine when establishing the rental rate for a property.  If you are going alone (without the assistance of a property management firm), the whole process can be pretty bewildering.

A rental property can be a fantastic investment, but no one will tell you that it's easy. Repairing and updating your recently obtained property is just the beginning. You still have to market your property, find the right tenants, verify their application, interview them, complete and sign lease contracts, and file every document related to this process. After that...well, it doesn't get much easier. Collecting rent, performing walk-throughs, addressing service calls, and general maintenance and repairs still await your attention. Plus, just when you think you have it all handled, you'll wind up with an empty unit...then the entire production starts again.

Owning and maintaining a rental property as an investment can be both lucrative and rewarding.  However, it can be a difficult transition for many people to make, particularly during their first time as a landlord.  Most of us have only known the business from the tenant side, a much different position than that of owner and manager.  You will need to determine your own landlord-ing rules, methods, and identity to suit your goals and your personality.  

You will also need to work to develop some practical knowledge.  Unfortunately, no one gives you a guide to owning a rental property when you sign the mortgage.  Frankly, even if they did, such a guide would likely be of little use.  Many of the decisions you will make as you get your stripes as a landlord come down to your personal choice.  Keep in mind that forearmed is forewarned.  You will continue to learn how to be a landlord while you are busy being a landlord.  Your goal in the beginning months and years should be to avoid learning by mistake wherever possible.