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Alright Nick, for starters, you need to learn a few things before you make mistakes that is going to cost you a whole lot more than what little bit of money you are not willing to part with now. Get over to the forms, some are free, some are for a nominal fee. Try seeing how much you will pay a lawyer to draft up a lease for you. Better yet, just pay for a 1 or 2 years membership here and get all the forms free. You will never regret spending a little bit of money that will save you thousands later, not to mention so many headaches and frustration from PITA tenants like one you were about to give your place to. Before you sign any tenant into one of your rentals, spend some time here reading back through the forum, you will learn so much and be prepared to know what to expect when dealing with certain tenants and situations. Don't ever, look for the cheap way out in this business when it comes to having the forms you need to protect your investment and yourself. Also read up on all the landlord/tenant laws, learn the eviction proceedures now before you have to face one, sit in on court cases to learn. I have a feeling you will not want to hire a lawyer when the time comes. I promise you if you make one little minor mistake on the forms and filings, you will start over again a a month later. So did you choose to invest in rentals or are you a forced landlord as a result of having a home that you can't sell in this market?
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