Don't start renting the place out before you own it. Legal quagmire there.
Learn the laws where the property is. Read some books:
Landlord Books - Nolo
The best place to advertise, is where your target tenant will see it. I developed a niche for law students, and advertised at the law school. If you advertise to the world, you will be doing major screening.
Remember the most important thing you can do is write up your criteria and stick to it. No matter what. No matter how cute they are or how charming, or how much you'd like to help them...con artists are good at making you like them so much, you make bad decisions regarding letting them move in when you shouldn't.
Pre-screen over the phone. I let all calls go to voicemail, then call them back when I'm ready. Keep a notebook of each call and why you didn't call them back (screaming obscenities at their kids while leaving you a voicemail - you don't have to rent to people who scream obscenities at their kids), or the result of your pre-screening them over the phone.
Remember that it's your job to discriminate. There are very few things you can't discriminate for. But, it's perfectly legal to discriminate based on rude behavior, showing up late, smelling of pot or smoke, not filling out their application completely (you don't have to beg them - just deny them), etc.
I suggest you manage the place yourself. Just learn your laws and put together your criteria. Unfortunately, managers don't always have your best interests at heart. If you manage it, you keep control and all your profits.
I also think smartmove is a great option for new landlords. And, if your criteria includes that they must be approved or recommended by smartmove, that makes it easier to deny someone. "I'm sorry, you weren't approved by the service I use."
The criteria not only keeps you from getting conned, and minimizing your potential problems, it also keeps you in compliance with fair housing.
And, if someone says they have a service dog, hand them the HUD letter to have filled out by their doctor and require it to be faxed back to you from their doctor's office, then make sure it's a real office. That should keep any potential scammers trying to get you to take their dogs:
portal.hud.gov/hudportal/documents/huddoc?id=DOC_7399.doc
It can seem overwhelming, but it's just a matter of learning. It's a new business you are learning. But, it's not a huge body of law to learn. Learn the laws, use the Nolo contract, if they have one for your city/state or get a contract from the local apartment association, use smartmove, etc.
Oh, and I really recommend at least starting out with month to month contracts only. That's all I used in a 25 unit apartment building. You keep control with M2M contracts. You can kick them out with 30 days notice, you can change rules with 30 days notice, too.
Good luck!
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