Renting property can be very rewarding, and sometimes owning rental property means you have to deal with nightmare tenants. But, being informed and prepared helps you a great deal during this process.

1.   Dishonest Renter:

Of course, no one deliberatelyrents to a dishonest renter.  Enlist a Real Estate firm experienced in tenant rentals to do a thorough credit check will help you identify which potential tenants may be dishonest.  If you do not choose to Real Estate firm to pre-screen your applicants then use a method of a 2-screen process. First pre-screen your potential renter by phone, and this will give you a good sense of the person because you cannot rely on sight or appearances. Once you decide, and feel comfortable, then meet with the potential renters and show the property. This approach helps you select the most qualified, and to whom you want to rent.

2.   Income Fraud Tenant:

This is the tenant who lies about their income. Again, if you do not plan to use a Real Estate firm, contact the employer and request a reference with length of employment as well as pay
stubs. Also ask about their work hours, type of employment, and any other information that will help you make your decision. This information should be gathered for each employed renter.

3.  The Destructive Tenant:

Hopefully, you have taken all the precautions to prevent this outcome, but they can happen. This tenant is headache for all involved be it the Real Estate firm managing your property, or
you, if you are directly managing your property. Remember to obtain prior references from former landlords.  And, oddly, references from the employers can help here, too. In asking for a reference, from the employer also ask about work habits, include ones such as being late and how their keep their work area. These are subtle indicators of how they could potentially care for your property.

4.  The Late Payer:

By now, after you have done all your previous research, you should have a good indicator of the type of tenant you have in your property. But, there are those exceptions, and this is one of the many. Again, if you do not have a Real Estate firm to manage and collect your rents as per the agreement, you need to make sure you spell out all terms in detail in your agreement. If you use a standard form, read it to fully understand what you will be explaining to your new tenant. Do not hesitate to add wording to the agreement that you want to include. If you are not comfortable with your wording ask a Real Estate Attorney to check any additions for legality.

5.  The Extended Family Member Tenants:

So, you have found your tenants.
You have met with the tenants with the understanding via signatures who will
occupy your rental.  Then you find out that others are going in and out, frequently, some have now moved in that are not on the lease as tenants. This places a huge burden and wear and tear on the property though excessive wear of items like carpets, the kitchen and bathroom not to mention doors and cabinets from over use. Of course the landscape needs to be included, as well.

It is all about being as prepared as possible, and examining all the what if's in renting property. Too, remembering that all people will not take care of your property as you would.The best scenario is to rent to those that as closely as possible share the same values as the person renting their property.