I'll second Danny L. on this one, it's all about references from past landlords or apt. managers. Even ten years ago when we were still renting, it was basically impossible to move into a decent apt. in the PHX, AZ area if you didn't have either a major move-in deposit or a string of good references. Now that I've been on both sides of the equation, I can see why.
The last (and I DO mean last, as in ONLY) time I rented a house out as a landlord the tenent started out great, but her payments got later and later until she was just days away from paying a full month behind. She always had a great "excuse" for why she was late with the rent, but somehow she always had money to buy a LOT of expensive new furniture, the big TV, a newer car, etc. For some reason, paying the landlord on time just didn't seem to be a financial priority, funny that way.
She seemed surprised and acted quite hurt when we told her we wouldn't renew her lease, since we were selling the house instead. In less than a month I got calls from two different prospective landlords, obviously she'd used us as a reference. I told them about her payment history, that she's never actually missed a payment but... It turned out that the thing they were
most interested in was that she had signed a lease agreement with
both of them, was in the process of moving into one place, and had already stored a housefull of furniture and junk at the other. Never did find out how that turned out, but I'll bet it wasn't pretty.
Landlord/tenent laws vary quite a bit from state to state, I'd definately consult an attourney that specializes in that area if you are going to continue as a landlord. Also MAKE SURE that your insurance covers your property while it's being rented, this is not the time to withhold that critical piece of information from your agent. I have an inlaw that runs a company specializing in background investigations, and a large part of her business is checking out prospective renters to see where they've REALLY lived and how truthful they were on their applications. If you want a more hands-off approach, I'm sure that there are property management places who can handle all the nitty-gritty, but of course you'll have to pay them their cut.
Considering some of the stories about nightmare tenents I've heard and seen (chainsaw "remodels", scavenging copper by ripping out the wiring and plumbing while being evicted, indoor dog-breeding kennels, engine overhauls in the bathtub, etc.) you need to be prepared for the worst. If you're emotionally or sentimentally invested in a house and its furnishings, it just shouldn't be a rental.
Keep in mind that the "ideal" qualities you're looking for in a renter can be hard to come by no matter where you live, so you need to find out what you can live with (your old neighbors now hate you) and what you can't (has a habit of using rentals as meth labs). People that have stable lives and jobs, immaculate housekeeping, quiet and flawlessly housebroken children and pets, are are thoughful and considerate with both the neighbors and the home they live in are generally inclined to be homeowners themselves, not renters. In the rare cases where by chance or circumstance they DO rent, their current landlord is probably bending over backwards to make sure they stay.
If your place weren't so far out, I'd recommend renting to military families, but it's a long drive from KGB around to the base.
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ditto
