There are many things a person here in Michigan might decide to do with a residential property they own. One is to rent it out to tenants.
There are many things that could make becoming a landlord by renting out a property one owns an attractive option for a person. Some examples of benefits renting out a residential property to tenants can have include:
- Rental income.
- Having an income stream that allows you to be your own boss.
- Tax benefits: There are a wide range of deductions a person may be able to claim in relation to a property they rent out to tenants, such as deductions for home office expenses, travel, repairs, depreciation and interest.
Of course, along with having benefits, being a landlord can also have its challenges. For one, there are a variety of expenses a landlord can have in relation to a rental property. There are also a variety of legal rules regarding renting out property here in Michigan that is important for landlords in the state to know and follow. Also, disputes can sometimes arise with a tenant.
Handling tenant disputes properly is very important for landlords. Mishandling such a dispute could have major financial consequences for a landlord and thus could perhaps lead to a situation in which the benefits of being a landlord are offset or completely overtaken by the challenges. Landlord-tenant law attorneys can help individuals who have decided to rent out a property to tenants with taking steps to prevent disputes with tenants and can provide legal guidance to landlords who are facing a dispute with a tenant.
Source: FindLaw, “Perks of Being a Landlord,” Accessed April 1, 2015