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Our friend bought a small
apartment building instead of a house. The family
lives in the largest apartment, and rents out the
other two. It brings in enough income each month to
pay for the mortgage payment on the building. Once
the mortgage is paid (a 10 year contract), it will
provide some additional income. Home improvement
skills a plus, requires the ability to purchase
property. Equipment is minimal, though home
improvement tools are a help.
You'll need a good renter's contract, which you can find by searching online - just make sure that it complies with the renter's laws in your state.
Put utilities in your own name, so that renters cannot run up a bill in your name, or specify in the contract that they are responsible for utilities themselves. Never rent a property without a signed contract.
Property management can also be done as an at-home job. You need some basic maintenance skills, and the same skills as you do to be a landlord. You'll also need a good standard contract for your clients. Some states will have regulations about this.
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