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The rent will cover all of your costs only if it is larger than your mortgage payment, property taxes, insurance, management, routine repairs, savings for big-ticket replacements and an allowance for vacancy, added together. Most new investors count the first three and forget the rest, which is how a rental that looks profitable on paper ends up costing money every month.

Inheriting a home often comes during a difficult time, and the decisions that follow can feel overwhelming. Sell it? Move in? Keep it in the family and rent it out? For many heirs in Southeast Michigan, renting the home is an appealing way to hold onto the property while it produces income.

Before you list it, here is what to think through.

Security deposit disputes are one of the most common problems landlords run into, and in Michigan the rules are detailed. A missed deadline can cost you the right to keep any of the deposit, and in some cases expose you to a claim for double the amount.

Here is what Michigan landlords need to know. (For a wider look at your obligations, start with our overview of Michigan landlord-tenant laws.)