Guest post: 10 rules for renting your condo right

by Ron Gitter

What appears to be the beginning of a beautiful landlord-tenant relationship can turn ugly faster than you think.  So notes lawyer Ron Gitter, whose sage advice has graced this blog before and whose Web site contains much more valuable information.

Perform your due diligence when you intend to hand over your precious property to a stranger, or even a friend or relative, he counsels.

For your peace of mind and financial security, consider all the issues that might have an impact the tenancy.  Be upfront about any conditions in the apartment that may be of concern to the tenant.

At the same time, there is no reason for your relationship with your tenant to be of the love-hate variety: He or she gets to live in a great apartment in the Big Apple and you receive a significant and, sometimes, obscene amount of rent.

Where we live, that’s peaceful coexistence.  The 10 or so suggestions below should ensure that war doesn’t break out:

(Flickr photo added by Mr. Wright)

1. Comply with all condo rental requirements: You must submit a rental application to the managing agent.  Even before the lease is signed, make sure that your proposed tenant understands that financial disclosure, various documentation and a background check may be required prior to the building’s approval of your tenant.

2. Check the creditworthiness of your tenant: