Legal Aspects

• When renting a condo, you should know the applicable federal, state and local rules and regulations regarding rental properties. These can vary from rent control to the Fair Housing Act which prevents discrimination in rental properties. Speak to the condo association for a copy of the "covenants, conditions, and restrictions" and what, if any, procedures are required by the association to rent your condo. Secure a lease or rental contract and an insurance policy for the property.
  
  

Financial

• To ensure the rental is profitable, calculate all the expenses for the condo. This includes the mortgage, association fee and maintenance costs. If a Realtor, property manager or attorney will be involved in the transaction, add their fees to the cost. Research the market price of similar condos to yours in the area to determine the fair rental price. As most rentals include a deposit, determine whether you will be asking for one, the amount of the deposit and any additional fees in the rental, such as for a parking garage.
  
  

Preparation

• The condo should be prepared before your begin to show it to prospective renters. This may require a fresh coat of paint or new carpet. Appliances may need to be updated, replaced or repaired. Plumbing may be required. Ensure the apartment is in excellent shape before showing and take pictures. The pictures can come in handy if the condo is trashed by the renter and a lawsuit is filed to keep the deposit.
  
  

Tenant

• Carefully scrutinize prospective tenants. Have a standard application that all prospective tenants fill out along with a waiver for a financial credit check. A financial credit check will reveal any prior bankruptcies, evictions, credit card non-payments and a job history. This can assist you in choosing the tenant most likely to pay their rent on time without a problem. Have the tenant sign the lease or rental contract and be specific as to the number of tenants allowed in the condo