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I'm buying the house next door as a rental, what do I need to know?

My spouse and I always joked that if the house next door came up for sale, we'd buy it. It did, so we are.

My ultimate goal is not to be a landlord, but instead, I wish to house each of my children with intent of giving them each a house to live in and eventually inherit. This will be our house second house out of 3 needed to accomplish this goal.

Our eldest is a disabled adult and lives in a we bought for him. The maintenance and upkeep for that home is paid for by a trust. His social security disability pays his bills. So, he's all set.

However, the youngest have no desire to live on their just own yet (ages 23 and 21), so neither will be moving to this home anytime soon.

We don't want to leave it vacant, so we've decided to become landlords. Trouble is that I am more interested in long-term renters and my husband is more interested in short-term renters until one of the younger kids feels ready to move.

In other's experience, what are the pros and cons of each? We will be hands-on with maintenance, cleaning, etc. We are meeting with a lawyer soon to discuss LLC vs landlord insurance and an umbrella policy. We will own the home outright. What else should we consider?

submitted by /u/dimplesgalore
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source https://www.reddit.com/r/RealEstate/comments/1ls70fy/im_buying_the_house_next_door_as_a_rental_what_do/
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