One of the most difficult quandaries property owners face is knowing how much to budget for repairs. The answer: more than you think you’ll need! Not that helpful, is it? But it’s true: there will always be necessary repairs to equipment, appliances, and other aspects of your building as it ages, and you may confront the occasional emergency middle-of-the-night plumbing or roof crisis. So, realistically, how much should you set aside for these critical jobs?

You don't want to go too long without inspecting your rental property. This can allow small problems to grow large — and expensive. At the same time, you don't want to constantly be dropping by to micromanage every little detail. This wastes your time and frustrates your tenants. What are the best times to inspect your rental property?

Hiring a great property manager can make your life exponentially easier; this professional takes on the responsibility of interacting with tenants, collecting rents, handling maintenance, and much more. From screening and background checks for prospective tenants and mediating disputes to fielding midnight plumbing emergencies and pursuing evictions, they can take a significant amount of work - and worry - off your shoulders.

Whether you convert your residence into a multi-unit building to rent, purchase a building to lease, or invest in a turnkey property hoping to fill it with tenants, you know that being a landlord takes time and commitment. It’s not hands-off when you’re the one responsible for those 3:00 a.m. plumbing fails or the midnight resident disputes. A property manager can take this burden off of your shoulders and handle the day-to-day so you can generate passive income for savings, renovations/updates, and future projects.

There's a lot you need to know when converting your home to a rental property. From everyday responsibilities to insurance and tax questions, it can seem overwhelming. Take it a step at a time and you'll get there.

Make sure you ask these key questions that can help you master the full picture of managing a rental property.